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Continued Losses In USD/JPY Put Y109 Under Pressure

JPY

USD/JPY ground lower Tuesday, probed the water under Y109.00, and showed at its lowest point since May 26, before bouncing back above that psychological barrier. The rate last changes hands right at that round figure after shedding 4 pips in early Asia-Pac trade. Downside technical focus falls on yesterday's low of Y108.88 and a move through there would open up May 25 low of Y108.56. Conversely, a rally above Jul 23 high of Y110.59 would bring Jul 14 high of Y110.70 into play.

  • PM Suga said Tuesday that Japan will now only hospitalise severe and high-risk cases of Covid-19 to ease pressure on frontline healthcare workers and free up bed capacity amid the upsurge in new infections.
  • On the geopolitical front, Yomiuri noted that Japan has decided to abandon plans to purchase U.S.-made anti-ship missiles due to cost issues.
  • Elsewhere, NHK reported that the ruling LDP eyes a party leadership contest in late Sep. The next general election is due on or before Oct 22.
  • Final readings of Jibun Bank Services & Composite PMIs will hit the wires today, while Japan's earnings/spending data come out on Friday.
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