Struggling To Breach Y109.85

USD/JPY extended its winning streak to four days Monday and tested the YtD high of Y109.85, but rejected the level. The rate drew support from broader recovery in risk appetite, despite slipping to Y109.37 in Asia-Pac hours.

• Japan's vaccine chief Kono assessed that the initial phase of the rollout "will be very slow" and said that the pace of inoculations probably won't pick up until May, when Japan should be able to vaccinate 10mn people per week.
• The rate last sits at Y109.79, little changed on the day. The Y109.85 level, which capped gains on Jun 5, Mar 26 & Mar 29 has become a key-near term resistance. A break here would open the round figure of Y110.00. Bears look for a pullback under Mar 26 low of Y109.13, towards Mar 23 low of Y108.41.
• Japanese unemployment & retail sales are due shortly. Looking further afield, flash industrial output & housing starts are due Wednesday, while Tankan Survey & final Jibun Bank M'fing PMI come out Thursday.