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Steadies After Sharp Sell-Off

DOLLAR-YEN

USD/JPY sank yesterday, despite little to inspire a broader flight to safety. JPY outperformed all of its G10 peers but AUD. USD/JPY briefly showed below the Y106.00 mark and closed right at the round figure.

  • Monday saw Japanese Econ Min Nishimura note that there is no evidence that the coronavirus was becoming less virulent and the authorities are monitoring the situation in Okinawa.
  • BBG reported that the BoJ refused traded requests to work from home, citing cybersecurity concerns.
  • The rate sits at Y106.03, a few pips better off. A rally above Aug 13 high of Y107.05 before targeting the 100-DMA at Y107.19. Bears keep an eye on Aug 6 low of Y105.30, followed by Jul 31 low of Y104.19.
  • Japanese trade balance and core machine orders hit the wires on Tuesday, with national CPI & flash Jibun Bank PMIs coming up on Friday.
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