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Consolidates Gains With Japan Off For Holidays

DOLLAR-YEN

USD/JPY recouped its initial losses and ground higher on Monday, amid recovery in oil prices and a rebound in broader risk sentiment. The pair extended gains to three consecutive days.

  • Per Mainichi, Japanese PM Suga is considering a January visit to the U.S. to meet with the winner of the upcoming U.S. presidential election. The report mentioned that the visit could be postponed until February owing to the Diet session scheduled for January.
  • As a reminder, Japan is off for a national holiday today.
  • The pair sits at Y104.76, just above neutral levels. Bullish focus falls on yesterday's high of Y104.95. A move through that level would bring Oct 26 high & key resistance at Y105.06 into play. Bears eye Sep 21 low of Y104.00 for initial support. A break below there would suggest scope for a deeper sell-off, with focus on the 76.4% retracement of the Mar 9 - 24 rally at Y103.67.
  • Looking ahead, Japanese earnings/spending data hits the wires on Friday.
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