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Holding Tight Range

DOLLAR-YEN

USD/JPY struggled for a clear direction Monday, as participants scrutinised headline flow. It finished the day close to neutral levels, after sticking to a tight, 30 pip range.

  • Yomiuri reported that Japan and China are nearing a deal to resume bilateral business travel, which could come to fruition as soon as this week. Long stays will be subject to a 14-day quarantine, while short stays are expected to be exempt.
  • The pair trades flat at Y105.44. A clearance of Oct 13 high of Y105.63 would allow bulls to set their sights on Oct 7 high & bull trigger at Y106.11. Meanwhile, a fall through Oct 14 low of Y105.04 would clear the way to Oct 2 low of Y104.94, a key near-term support.
  • Final Japanese machine tool orders are due today, with national CPI & flash Jibun Bank PMIs coming up Friday.
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