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Familiar Risks In Focus, BoJ To Publish Minutes From Oct Meeting

JPY

Tuesday was an inside day for USD/JPY. The rate pushed higher as both sides of the pair drew support from broader demand for safe havens, with the greenback outperforming all of its G10 peers ahead of the turn of the year. The spread of the new variant of SARS-CoV-2, global tightening of lockdown restrictions and the spectre of a no-deal Brexit continued to weigh on risk.

  • USD/JPY sits -4 pips at Y103.60, with bulls looking to take out the 20-EMA/Dec 21 high at Y103.85/89 before targeting Dec 11 high of Y104.28. Bears look for losses past Dec 17 low of Y102.88, which would expose the 1.00 projection of Oct 7 - Nov 6 downleg from Nov 11 high located at Y102.75.
  • BoJ Oct MonPol meeting minutes are due within less than an hour. Later in the week, focus in Japan turns to Friday's Tokyo CPI, unemployment & retail sales.
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