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BRENT TECHS

(N1) Price Structure Remains Bullish

USDCAD TECHS

Tests Major Support - The 2017 Low!

AUDUSD TECHS

New Weekly Lows

EURJPY TECHS

Needle Still Points North

GILT TECHS

(M1) Key Support Zone Exposed

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USD/JPY moved higher Tuesday, with both sides of the pair sitting at/near the top of the G10 pile amid increased appetite for safe havens. After printing its intraday high of Y109.49 into the London morning, the rate took a hit as S&P 500 e-minis dipped to fresh weekly lows on higher turnover. However, U.S. Tsy Sec Yellen's remark re: potential for slightly higher interest rates helped USD/JPY ascend toward previous highs in the NY session.

  • Osaka Gov Yoshimura suggested Tuesday that the prefecture may apply for an extension to its state of emergency, as the healthcare system remains strained, which makes lifting emergency "difficult." Regional authorities will discuss and decide on the matter on Thursday or Friday. Separately, FNN reported that PM Suga considers the decision whether to terminate the state of emergency as "tough" and is "very worried about it."
  • For the record, Yomiuri reported this morning that Tokyo & Osaka are set to request extending their respective emergency declarations, but in light of aforementioned reports this comes as no surprise. As things stand, the state of emergency expire on May 11.
  • Ex-PM Abe appeared on a BS Fuji TV programme to throw his weight behind his embattled successor & former confidant Suga, expressing support for the current premier in this year's LDP leadership contest.
  • Earnings data & Jibun Bank Services PMI will take focus on the final trading day of this week.
  • USD/JPY last trades flat at Y109.33, with bulls looking for a rally through May 4 high of Y109.70, followed by Apr 9 high of Y109.96. Bears would be pleased by a slide through Apr 29 low of Y108.44, which would open up Apr 23 low of Y107.48.