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Japan Back From Holidays, BoJ Meet & National CPI On The Radar

JPY

USD/JPY slipped on Monday, with Japanese markets shut for a holiday, even as U.S. Tsy yields crept higher. A poor showing from U.S. stock indices may have helped keep USD/JPY below neutral levels.

  • The rate last deals at Y138.20, up 6 pips on the day. Should the rate rip through Jul 14 high of Y139.39, bulls could take aim at the Y140.00 figure. Bears look for a dip through Jul 14 low of Y137.28, which would open up Jun 23 low of Y134.27.
  • Data highlights this week include trade balance (Thursday) and national CPI (Friday). Core inflation is expected to have quickened to +2.2% Y/Y in June, but the BoJ will likely maintain its assessment that price growth is driven by supply-side pressures.
  • Reminder that the Bank's Policy Board meets on Thursday and will likely keep the current ultra-loose policy parameters unchanged. It will provide the latest forecasts via the quarterly Outlook Report.
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