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Continued Weakness

JPY

USD/JPY crept higher Monday as the yen struggled for any topside impetus as equity markets showed some resilience. Despite advancing, the rate failed to take out Friday's high of Y123.03.

  • The pair last operates at Y122.78, virtually unchanged on the day. A break above Mar 30 high of Y123.20 would bring Mar 28 high of Y125.09 into play. Bears keep an eye on Y121.28, the low print of Mar 31.
  • Worth noting that the Secretary General of Komeito (junior partner in Japan's ruling coalition) urged the BoJ to pay more attention to the yen, which is undermined by the central bank's ultra-loose monetary policy stance.
  • Japan's earnings/spending data will be published at the bottom of the hour.

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