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Edging Lower Again

JPY

Spot USD/JPY trades with a mild bullish bias, building on Friday's advance, with its RSI probing overbought territory. The rate sits at Y122.68 at typing, up 17 pips on the day.

  • A break above Mar 30 high of Y123.20 would give bulls a green light for targeting Y125.09, a cycle high printed on Mar 28. On the flip side, bears look for losses past Mar 31 low of Y121.28. A swing below that level would open Mar 24 low of Y120.95, followed by the psychological Y120.00 level.
  • Japan's Trade Minister Hagiuda warned that sanctions against Russia will only grow stronger until Moscow reaches peace agreement with Kyiv. The war in Eastern Europe added strain to Russo-Japanese relations, leading to the breakdown of talks on bilateral territorial disputes.
  • Looking ahead, focus turns to earnings/spending data (Tuesday) as well as BoP current account balance & Eco Watchers Survey (Friday).
  • Elsewhere, BoJ Board member Noguchi will speak in Kumamoto on Thursday.
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