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In Retreat

JPY

The yen has gone offered in early Tokyo trade, with reports of ongoing talks between Ukraine and Russia seemingly providing a bit of reprieve to risk assets, outweighing a slew of negatives, such as continued Russian atrocities in the invaded Ukraine, an Iranian missile strike in northern Iraq, and intensifying Covid-19 flare-ups in mainland China/Hong Kong.

  • USD/JPY trades +24 pips at Y117.54, after printing fresh cycle highs, as the yen underperforms all of its G10 peers.
  • The rate showed above Jan 9, 2017 high of Y117.53 this morning and a clean break here would draw attention to Jan 4, 2017 high of Y118.19. Conversely, a pullback under Feb 24 low of Y114.41 would give bears some respite.
  • Local data highlights this week include trade balance & final industrial output (Wednesday), core machine orders (Thursday) & national CPI (Friday). In addition, the BoJ will announce their monetary policy decision this Friday.
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