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Round Trip

JPY

Thursday was a session of two halves for USD/JPY, as the rate staged a round trip from intraday high of Y104.58, finishing virtually unchanged on the day. The pair rose into the London morning amid broader preference for riskier currencies, before turning its tail as U.S. initial jobless claims missed expectations, prospects for a fiscal deal in the DC remained unclear and Brexit worry continued to linger.

  • Per Asahi, a panel of experts advising the Japanese gov't on coronavirus matters is set to recommend the suspension of the "Go To" travel campaign in Hokkaido, Tokyo, Aichi and some areas in Osaka.
  • The rate last sits at Y104.25, little changed on the day. Gains past Nov 4 high of Y104.76 would allow bulls to target the 76.4% retracement of the Nov 11 - 18 sell-off at Y105.20. Conversely, a dip through Nov 18 low of Y103.65 would open up Nov 6/Mar 12 lows of Y103.18/09.
  • Next week's highlights in Japan include Tankan Survey & final industrial output (Monday), trade balance & flash Jibun Bank PMIs (Wednesday), as well as national CPI & BoJ MonPol decision (Friday).
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