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JPY Gains On Risk Aversion Ahead Of Yellen's Testimony

JPY

USD/JPY was biased lower on Monday as the yen caught a bid in thin holiday trade, with U.S. markets closed for the Martin Luther Day. Safe havens were in demand as participants awaited further information surrounding the U.S. presidential transition, including the congressional testimony from Tsy Sec-designate Yellen coming up Tuesday.

  • The Yomiuri Shimbun reported that Japan wants to spend Y30tn on tech R&D over the next 5 years.
  • Elsewhere, PM Suga tapped Admin Reform Min Kono to oversee the national Covid-19 inoculation programme. Japan aims at beginning vaccinations by late Feb.
  • There is a chunky USD/JPY option expiry coming today, with $1.4bn of options with strikes at Y103.00 due to roll off at the 10:00 ET NY cut.
  • USD/JPY trades flat at Y103.70. Downside focus falls on Jan 13 low of Y103.53, followed by Jan 7 low of Y102.95. On the flip side, a move through Jan 11 high of Y104.40 would open up the upper 1.0% 10-DMA envelope at Y104.81.
  • Japanese data highlights this week include trade balance (Thursday) and national CPI (Friday). In addition, the BoJ will deliver its latest MonPol decision on Thursday.
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