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A stronger greenback pushed USD/JPY to highs of 109.88 before USD gave back gains and saw the pair drop to 109.56 at the close. The pair last up 6 pips at 109.62.

  • Recent headline flow from the Asahi suggested that PM Suga is likely to call a snap election in the Autumn, after the end of Paralympic games. The report also suggested that the government is considering compiling a new stimulus package ahead of the snap election.
  • From a technical perspective USD/JPY outlook remains bullish and the move lower from last week's high is still considered corrective. Gains last week confirmed a resumption of the recovery that started Apr 23. The pair probed 110.15, a Fibonacci retracement. This opens the year high print of 110.97 from Mar 31 where a break would confirm a resumption of the uptrend. Key S/T support has been defined at 108.56, Low May 25. Moving average studies remain in bull mode.
  • On the domestic economic docket today is the final May Jibun Bank Services PMI as well as the BoJ Rinban Ops.

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