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Bullish Price Sequence


Corrective Pullback


Light Upside Call Spds

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USD/JPY retreated Monday amid risk aversion inspired by the escalating concern over the fallout from China's real-estate sector troubles. The rate last trades at Y109.40, a handful of pips lower on the day.

  • Bears need a fall through Aug 16 & Sep 15 lows of Y109.11 before targeting Y108.72, the low print of Aug 4 and the bear trigger. Conversely, a jump above Y110.16, which capped gains on Sep 13 & 14, would bring Sep 8/Aug 13 highs of Y110.45/46 into play.
  • The BoJ will deliver their monetary policy decision on Wednesday, which will be followed by the release of national CPI & flash Jibun Bank PMI data on Friday.