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Japan Returns From Holidays


A rally in USD/JPY seen in Monday's European hours ran out of fuel and the rate retraced the move into the WMR fix, but a gentle bounce off lows allowed it to finish just marginally above Friday's close.

  • Japanese markets were closed for the Mountain Day yesterday; the country comes back to work after a long weekend today.
  • Japanese PM Abe struggles to win back popular support for his government, as a poll published by Yomiuri on Monday showed it receive the worst public rating since 2012. The disapproval rating stood at 54%, with 37% of respondents approving the government.
  • USD/JPY last trades at Y105.96, unchanged on the day. A move through Aug 3 high of Y106.47 is needed to bring the upper 1.0% 10-DMA envelope at Y106.67 into play. Bears look for a retreat under Aug 5 low of Y105.32 before targeting Jul 31 low of Y104.19.
  • Japan reports domestic BoP data today, with Eco Watchers Survey also due. Flash machine tool orders come out tomorrow, while PPI hits on Thursday.
MNI London Bureau | +44 203-865-3806 |