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Strong Rebound Seen On Monday

DOLLAR-YEN

USD/JPY slid into Monday's London morning, only to wipe out all losses in a single jump, which appeared not to be driven by any news. The move coincided with a volume surge in JPY futures. Worth noting that Japanese markets were shuttered for a national holiday, which continues today.

  • The pair trades +4 pips at Y104.69 at typing and a move through Sep 21 high of Y104.87 would draw bullish attention to Aug 19 high of Y105.10. Bears keep an eye on the round figure of Y104.00, which cushioned losses yesterday. Below there opens the 1.618 proj of the Aug 13 - 19 rally from Aug 28 high at Y103.80.
  • Flash Jibun Bank PMIs are due tomorrow, as Japan returns from its long weekend. On Thursday, the BoJ will release the minutes from its Jul MonPol meeting.
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