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Focus On Offshore Developments

JPY

USD/JPY re-opened slightly higher but has trimmed gains since and last sits +9 pips at Y103.39. Both sides of the pair outperform their other G10 peers, as the space feels jitters surrounding UK Covid-19/Brexit situation. Meanwhile, U.S. Senate Majority Leader McConnell confirmed that congressional leaders have reached a deal over a $900bn economic relief package.

  • Worth noting that Sunday was a Gotobi day in Japan.
  • The Nikkei reported that Takeda plans to start a clinical trial of Moderna's Covid-19 jab in January.
  • Elsewhere, an Asahi poll showed a 17pp drop in public approval for PM Suga's cabinet, bringing it to 39% and confirming the recent trend.
  • On the topside, the initial target is provided by Y103.59, the high of Dec 18. Above there opens the 20-EMA at Y103.90. Bears look for a dip through Dec 17 low of Y102.88 before taking aim at Mar 10 low of Y102.02.
  • Focus in Japan moves to Wednesday's BoJ Oct MonPol meeting minutes & Friday's Tokyo CPI, unemployment and retail sales.
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