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DOLLAR-YEN

USD/JPY popped higher to Y105.69 as e-minis re-opened on the front foot, but has trimmed gains since. The rate last sits at Y105.56, virtually unchanged on the day.

  • Japanese PM Suga tries to give a fresh momentum to Japan's relations with its neighbours. He spoke with Chinese Pres Xi last Friday and is set to call Russian Pres Putin tomorrow. Elsewhere, he said that he is ready to meet with North Korean leader Kim without preconditions.
  • The rate has appreciated for the last five consecutive sessions and a push through Sep 25 high of Y105.70 would help keep this impetus intact. Above there opens the 50-EMA at Y105.93. Bears look for a fall through Sep 22 low of Y104.41 before targeting Sep 21 low of Y104.00. A clean breach of the latter level would signal the resumption of weakness.
  • Japan releases Tokyo CPI on Tuesday, with retail sales & flash industrial output coming up on Wednesday. The Tankan Survey & final Jibun Bank M'fing PMI are due Thursday, while unemployment hits on Friday. In addition, the BoJ will publish the summary of opinions from its most recent MonPol meeting on Tuesday.
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