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Japan Back From Holidays, Kuroda Set To Speak

JPY

USD/JPY snapped its four-day losing streak on Tuesday, but failed to return above its 200-DMA. With Japan off for a public holiday, comments from Fed Chair Powell provided the main highlight of the day.

  • Tuesday saw local media outlets report that Japan considers lifting the state of emergency outside of Tokyo ahead of schedule and the decision on the matter could come on Friday.
  • Key option expiries at today's NY cut include:
    • $1.7bn of options with strikes at Y105.00
    • $3.2bn of options with strikes at Y105.65-80
    • $1.3bn of options with strikes at Y105.95-15
  • Spot USD/JPY trades at Y105.29, little changed on the day. A move through Feb 17 high of Y106.22 would support the bullish case. Conversely, losses past Feb 23 low of Y104.92 would shift focus to trendline support at Y104.74.
  • Japanese FinMin Taso warned that national GDP will certainly be worse this quarter than in Q1 and noted that the gov't needs to deliver the current stimulus before considering further measures.
  • BoJ Gov Kuroda will appear in parliament later today.
  • Focus in Japan turns to Friday's data dump: Tokyo CPI, retail sales, housing starts and flash industrial output are all due.
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