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Quiet Morning In Japan, USD/JPY Steady After Inside Day

JPY

USD/JPY faltered Monday as light risk-off flows put a bid into the yen. That said, the rate was happy to hold the prior day's range in the absence of major headline catalysts. USD/JPY last trades at Y109.40, little changed on the day.

  • Tokyo, Kyoto and Okinawa strengthen their measures against Covid-19 on Monday. Tighter restrictions, which include earlier bar closures and lower caps on attendance at large events, will last through May 5 in Kyoto and Okinawa and through May 11 in Tokyo.
  • A breach of Apr 8 low/23.6% retracement of the YtD rally at Y109.00/108.99 would open up Mar 23 low of Y108.41. Bulls need to force a break above Apr 7 high of Y109.94 before targeting Apr 6 high of Y110.55.
  • Japanese economic calendar is quite thin during the remainder of this week, with just core machine orders coming up on Wednesday.

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