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JPY Struggles For Impetus In Early Asia-Pac Trade

DOLLAR-YEN

USD/JPY slid over the Tokyo fix yesterday, with positioning ahead of the end of the Japanese half-FY likely responsible for the move. Subsequent broad-based greenback sales underpinned a recovery attempt into the WMR fix, but the pair pulled back and found itself slightly shy of neutral levels come the end of play, snapping a five-session winning streak.

  • USD/JPY last trades at Y105.53, little changed on the day, as both sides of the pair struggle against their G10 peers. Bears see Sep 23 low of Y104.88 as the initial support and a break here would open up Sep 22 low of Y104.41. Meanwhile, a jump above Sep 25 high of Y105.70 would clear the way to the 50-EMA at Y105.92.
  • Japan is set to release Tokyo CPI at the bottom of the hour, with the summary of opinions from the BoJ's most recent MonPol meeting coming up 20 mins later. Flash industrial output and retail sales headline tomorrow, before focus moves to Thursday's Tankan Survey & final Jibun Bank M'fing PMI as well as Friday's unemployment.

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