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Japanese Markets Reopen, Yen Steadies After Rally

JPY

USD/JPY trades at Y115.24, a touch higher on the day, as Japanese markets re-open after a long weekend. The rate holds a tight range, after retreating Monday, as the yen was the only G10 currency to outperform the greenback.

  • Bears look for a fall through the 20-EMA at Y114.95 before taking aim at the 50-EMA, which intersects at Y114.20. Conversely, the initial bullish target is provided by Jan 4 cycle high of Y116.35.
  • PM Kishida announced that Japan will extend its strict border controls through the end of Feb. The decision came as no surprise, it was foretold by earlier source reports.
  • Japanese data releases pick up tomorrow, with BoP current account balance & Eco Watchers Survey coming up. Also on Wednesday, BoJ Gov Kuroda will address the branch managers' meeting.

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