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Familiar Themes, Familiar Technical Levels In Play

JPY

USD/JPY crept higher Monday, supported by firmer U.S. Tsy yields. Elsewhere, EUR sales inspired by dovish ECB rhetoric aided the broader greenback, as the DXY advanced.

  • Local headline flow has been fairly thin overnight, after the Nikkei reported last Friday that the upcoming fiscal stimulus package could top Y40tn.
  • Looking ahead, Japan's trade balance & core machine orders are due Wednesday, with national CPI coming up Friday.
  • USD/JPY last seen at Y114.13, little changed on the day. A break above Y114.44, which capped gains on Nov 1, would shift focus to Oct 20, 2021/Nov 6, 2017 highs of Y114.70/73. On the flip side, a fall through Nov 9 low of Y112.73 would clear the way to Sep 30 high & recent breakout level at Y112.08.

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