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Eyes On Japanese CPI, Virus Situation

JPY

Despite an upswing Thursday's European hours, USD/JPY erased the move in NY, finishing in negative territory and extending its current losing streak to six straight sessions of losses. Participants assessed the global coronavirus situation, with the IFM warning that economic recovery could take a hit from fresh lockdown measures, as well as DC fiscal measures.

  • Kyodo cited head of an expert panel advising the Japanese gov't as noting that the current virus situation is "very severe" and demands further action.
  • USD/JPY last trades +9 pips at Y103.84, with bulls looking to take out the 20-EMA at Y104.66. Above there would open up Nov 13 high of Y105.16. Bears need a dip through Nov 18 low of Y103.65 before targeting Nov 6/Mar 12 lows of Y103.18/09.
  • Japanese CPI & flash Jibun Bank PMIs are due later today. Next week, focus turns to Friday's Tokyo CPI.
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