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Eases Off After Retaking Y106 On The Back Of FOMC Minutes

DOLLAR-YEN

USD/JPY bounced Wednesday, in a move driven by renewed USD strength. The greenback continued to appreciate after FOMC Jul MonPol meeting minutes suggested that the Fed is reluctant to clarify its forward guidance or adopt YCC. USD/JPY snapped its three-day losing streak and closed above the prior day's best levels.

  • The Nikkei reported that the Japanese government plans to cover compensation for any health issues that would be linked to coronavirus vaccines. The newspaper also reported that the government will set up online booking site for PCR tests.
  • USD/JPY has inched lower this morning, as the greenback has lost ground, and last deals -10 pips at Y106.02. Bears look for a dip through the lower 1.0% 10-DMA envelope at Y105.18, towards the 76.4% retracement of the Jul 31 - Aug 13 rally at Y104.86. Bulls need a move through Aug 19 high of Y106.15 to bring Aug 17 high of Y106.68 into play.
  • Japanese CPI and flash Jibun Bank PMIs are due Friday.
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