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Grinds Lower

DOLLAR-YEN

USD/JPY ground lower yesterday, as safe havens JPY & CHF were in high demand, despite a move higher in U.S. equity benchmarks.

  • Asahi reported that the Japanese government considers extending limits on event sizes until the end of September.
  • Meanwhile, NHK reported that the government is planning to relax existing re-entry restrictions.
  • USD/JPY has shed 6 pips so far, last sits at Y105.74. A fall through Aug 19 low of Y105.10 is needed to clear the way to the 76.4% retracement of the Jul 31 - Aug 13 rally at Y104.86. Bulls look for a jump above Aug 20 high of Y106.22, towards Aug 17 high of Y106.68.
  • Eyes are on Japanese CPI & flash Jibun Bank PMIs today.
  • Looking further afield, final machine tool orders come out next Thursday & Tokyo CPI is due next Friday.
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