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JPY Awaits BoJ MonPol Decision After Rallying On Broader Risk Aversion

DOLLAR-YEN

JPY was the best performer in G10 FX space on Wednesday, as concerns over spiralling coronavirus infections and the snapback of social mobility restrictions in Europe dealt a blow to risk appetite. The greenback also benefitted from safe haven demand, cushioning losses in USD/JPY, but the rate still finished at its lowest level since Sep 21.

  • Japan's retail sales missed expectations and shrank 0.1% M/M (est. +1.0%) and declined 8.7% Y/Y (est. -7.6%).
  • The BoJ is set to deliver its latest MonPol decision and update its economic projections today. As always, check your inboxes for our comprehensive preview of the meeting.
  • USD/JPY trades at Y104.35, just 3 pips better off. The round figure & Sep 21 low of Y104.00 provides the initial bearish target and a break here would suggest scope for further depreciation. Coming up next we have the 76.4% retracement of the Mar 9 - 24 rally at Y103.67. Bulls look for a rebound above Oct 28 high of Y104.56 before taking aim at Oct 26 high of Y105.06.
  • Looking further afield, focus moves to Friday's data dump, which will include Japanese unemployment, flash industrial output and Tokyo CPI.
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