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Little To Rock The Boat Ahead Of Market Holiday

JPY

USD/JPY has crept higher in early trade amid relatively thin macro headline flow and marginal greenback outperformance. The rate last trades +9 pips at Y114.08.

  • Bulls see Nov 17 high of Y114.97 as their initial target and a break here would clear the way to Mar 10, 2017 high of Y115.51. On the flip side, a dip through Nov 19 low of Y113.59 would bring Nov 9 low/50-DMA at Y112.73/66 into view.
  • The Yomiuri Shimbun reported over the weekend that Japan and the U.S. might make a joint announcement on tapping their oil reserves to put a lid on surging crude prices.
  • Japan's flash Jibun Bank PMIs are due Wednesday, with Tokyo CPI coming up Friday. Elsewhere, local markets will be closed on Tuesday in observance of a public holiday.
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