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JPY Meanders Ahead Of Japanese Holiday

DOLLAR-YEN

USD/JPY wavered yesterday, closing just slightly below neutral levels. Participants weighed familiar risk factors, but there was little to push the rate firmly in either direction.

  • The pair last deals at Y105.53, little changed on the day. A fall through yesterday's low of Y105.30 would shift bearish focus to Jul 31 low of Y104.19. Bulls look to take out Aug 3 high/upper 1.0% 10-DMA envelope at Y106.47/48, which would bring Jul 24 high of Y106.90 into play.
  • Japanese earnings/spending data will be out today.
  • Next week's highlights in Japan include BoP current a/c balance & Eco Watchers Survey (Tuesday), flash machine tool orders (Wednesday) and PPI (Thursday).
  • As a reminder, Japan observes a public holiday on Monday.

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