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Rangebound

DOLLAR-YEN

A round of purchases into the Tokyo fix, perhaps on the back of Gotobi-related flows, pushed USD/JPY higher in Tuesday's Asia-Pac trade. the pair topped out at Y105.75 before easing off, as the greenback went offered amid hopes for a stimulus deal in the U.S.

  • BBG cited unnamed sources as noting that the BoJ may consider changing its inflation forecasts to reflect the short-term impact on prices of the government's travel campaign.
  • The rate last trades at Y105.50, virtually unchanged on the day and holding a tight range this morning. A drop through Oct 14 low of Y105.04 is needed to open up Oct 2 low & key near-term support at Y104.94. Meanwhile, a rally above Oct 20 high of Y105.75 would bring Oct 7 & bull trigger at Y106.11 into view.
  • Looking ahead, Japan reports national CPI on Friday, with flash Jibun Bank PMIs also due that day. BoJ's Sakurai will speak today.
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