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Inside Day

JPY

Monday was a bullish inside day for USD/JPY, as the rate remained afloat after rising in Asia-Pac hours. Concerns about Japan's Covid-19 situation & Gotobi Day flows may have sapped strength from the yen.

  • The latest NHK poll showed that approval for the Japanese cabinet fell 9pp to 35%. This is in line with recent dynamics in local political polling as the public has repeatedly expressed a preference for cancelling the Tokyo Olympics and showed dissatisfaction with the gov't's handling of the Covid-19 outbreak.
  • Japanese household spending comes out later today, while BoP current account balance & Eco Watchers Survey are due Thursday.
  • USD/JPY trades flat at Y108.80. Topside focus falls on May 7 high of Y109.29 and a break here would open up May 3 high of Y109.70. Conversely, losses past May 7 low of Y108.34 would expose Apr 27 low of Y108.08.
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