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Directionless

JPY

USD/JPY charted a virtual Doji candlestick Tuesday after struggling for a clear direction. The rate slipped into the London morning, but bounced and rallied above the Y109.00 mark in Europe. The NY session brought a fresh round of sales, allowing the rate to return to neutral levels.

  • NHK reported that Tokyo considers asking the central gov't to extend Covid-19 state of emergency in the capital. This comes after Osaka said Tuesday it will request an extension to its state of emergency through Jun 20.
  • Focus in Japan turns to unemployment & Tokyo CPI, both due Friday. Meanwhile, local epidemiological developments will remain under close scrutiny.
  • USD/JPY last trades at Y108.80, little changed on the day. Bears see May 7 low of Y108.34 as their key near-term target. The next layer of support is located at Y107.48, which represents Apr 23 low. Bulls need a clearance of May 13 high of Y109.79 before taking aim at Apr 9 high of Y109.96.
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