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Decision On Emergency Expected This Week, Japan Returns From Holidays

JPY

Wednesday was a bearish inside day for USD/JPY, with the rate trading sideways in a broadly risk-on environment. Liquidity remained subdued on the final day of Japan's Golden Week.

  • Local media outlets continue to circulate reports suggesting that the gov't prepares for extending a Covid state of emergency in Tokyo, Osaka, Kyoto and Hyogo through the month-end. Per a Yomiuri report, the gov't plans to allow Hokkaido & Fukuoka to implement tighter restrictions. PM Suga told NTV Wednesday that the gov't wants to decide on emergency as soon as this week.
  • The BoJ are set to release the minutes from their March MonPol meeting today. After that, focus turns to earnings data & final Jibun Bank Services PMI, due Friday.
  • The rate last sits at Y109.18, just shy of neutral levels, as local financial markets re-open after a lengthy hiatus. Bears look for a dip through Apr 29 low of Y108.44, followed by Apr 23 low of Y107.48. Conversely, bulls look for a jump above May 3 high of Y109.70, towards Apr 9 high of Y109.96.
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