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Familiar Concerns Help USD/JPY Narrow In On Key Near-Term Support

DOLLAR-YEN

USD/JPY sold off yesterday as the greenback struggled to gain traction despite fading hopes for the adoption of a pre-election fiscal package in the U.S. Cross flows were eyed, as USD/CNH sales likely kept a lid on the dollar, while the yen was bolstered by EUR/JPY sales amid a deteriorating coronavirus situation across Europe. USD/JPY showed at its worst levels in two weeks.

  • Jiji reported that PM Suga will skip a traditional visit the Yasukuni Shrine honouring Japan's war dead, including war criminals. In the past, visits to the shrine by top Japanese officials drew the ire of China and South Korea.
  • USD/JPY trades flat at Y105.17. A slide through yesterday's low of Y105.04 would open up Oct 2 low of Y104.94, a key near-term support. Bull look to a jump above Oct 12 high of Y105.85 before taking aim at Y106.11, which represents the peak of Oct 7.
  • Little of note left on Japan's data docket this week.
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