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Recovering Early Losses

DOLLAR-YEN

USD/JPY re-opened lower, as risk-off catalysts outlined in earlier bullets set defensive flows in motion, before gradually paring losses. Both sides of the pair remain among the best G10 performers, as risk aversion continues to linger.

  • Final Japanese Jibun Bank M'fing PMI was revised to 48.7 from the flash reading of 48.0, with IHS Markit pointing to "a further easing in the downturn across the Japanese manufacturing sector".
  • USD/JPY trades at Y104.71, just a few pips above neutral levels. Bulls look for a rally above Oct 29/30 highs of Y104.73/74, which would open up Oct 26 high of Y105.06. On the flip side, bears need a dip through Sep 21 low, located at the round figure of Y104.00. Below there would expose the 76.4% retracement of the Mar 9 - 24 rally at Y103.67.
  • Looking ahead, the BoJ will publish minutes from its Sep MonPol meeting on Wednesday, while Japanese earnings/spending data will be released on Friday.
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