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Risk Recovery Prompts Yen To Unwind Initial Gains

JPY

USD/JPY retreated at the start to the week as focus turned to China's crackdown on the education sector as well as tense atmosphere at the latest Sino-U.S. summit. The rate recovered from worst levels, as risk sentiment turned positive later in the day, but failed to claw back all of its earlier losses.

  • Olympic organisers reported 16 further Covid-19 cases on Monday, taking the total caseload related to the Games to 148. Daily cases in Tokyo reached 1,429, which represented a twofold increase from a week before.
  • On the data front, focus in Japan turns to unemployment, retail sales & flash industrial output, all due Friday. Elsewhere, BoJ Gov Kuroda will speak at the Japan Correspondents Club today.
  • The pair trades flat at Y110.38 as we type. Bears look for a fall through Jul 21 low of Y109.80, which would clear the way to Jul 19 low of Y109.07. On the flip side, a rally above Jul 23 high of Y110.59 would allow bulls to set their sights on Jul 14 high of Y110.70.
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