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Lawmakers To Vote Suga In As PM

DOLLAR-YEN

USD/JPY faltered yesterday, showing at this month's worst levels amid positioning ahead of the upcoming FOMC decision.

  • Japan's parliament is set to confirm Yoshihide Suga as the new Prime Minister in a formal vote around 13:00 JST. Suga will unveil his Cabinet thereafter, with key ministers Aso and Motegi expected to keep their posts.
  • The pair last deals at Y105.38, 6 pips lower on the day. Initial support seen at Y105.30, which limited losses yesterday. A break here would shift focus to Aug 28/19 lows of Y105.20/10. Conversely, a rebound above the 50-DMA at Y106.18 and Sep 3 high of Y106.55 would allow bulls to target Aug 28/13 highs of Y106.95/107.05.
  • Japanese trade balance will be released shortly. After that, focus turns to Thursday's monetary policy decision from the BoJ and Friday's CPI data.
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