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USD/JPY climbed Tuesday, narrowing in on its cycle highs. Both sides of the pair were broadly lower against their G10 peers, with the yen bringing up the rear. Fedspeak was under close scrutiny, as Powell & Co. continued to insist that the recent price increases will likely abate.
- Kyodo reported that Tokyo Olympics organisers would ban alcohol sales at Olympic venues, making a U-turn on their earlier decision.
- Elsewhere, the Nikkei suggested that Japan would approve the AstraZeneca Covid-19 vaccine for public use.
- Flash readings of Japan's Jun Jibun Bank PMIs headline the local data docket today, with minutes from the BoJ's Apr MonPol meeting also due. BoJ Gov Kuroda is set to speak on Thursday, while monthly Tokyo CPI will grab attention on Friday.
- USD/JPY last trades flat at Y110.65, with bulls looking for a move through Jun 17 high of Y110.82, towards Mar 31 high of Y110.97, a key near-term resistance. Bears look for a dip through Jun 21 low of Y109.72, which would clear the way to the 50-DMA/Jun 7 low at Y109.25/19.