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Japan Recommends Lifting Tokyo State Of Emergency As Scheduled

JPY

USD/JPY took a hit after Wednesday's monetary policy decision from the Fed, giving away all of its earlier gains as a result. The rate went offered as some hawks were left disappointed.

  • USD/JPY overnight ATM implied volatility pulled back from multi-month highs as the event risk posed by the FOMC meeting dissipated. It last sits at 9.06% after topping out at 13.65% yesterday.
  • Japanese PM Suga has formally recommended lifting the state of emergency in the Tokyo area on Mar 21, as scheduled, following consultations with a panel of experts. The move had been touted by the local press.
  • USD/JPY has added 8 pips so far and changes hands at Y108.92, with the yen underperforming in G10 FX space. A move through the 61.8% retracement of the Mar 2020 - Jan 2021 slide at Y109.56 would open up Y109.70, the high print of Jun 8, 2020. Bears eye Mar 10 low of Y108.34 for initial support and a break here would expose Mar 5 low of Y107.82.
  • Looking ahead, Japanese national CPI comes out on Friday. In addition, the BoJ will deliver their latest MonPol decision tomorrow.
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