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Suga Garners Support

DOLLAR-YEN

USD/JPY has been happy to edge higher in early trade this week, last +17 at Y105.54.

  • Some are looking for a continuation of broader policy settings despite an early end to PM Abe's final term, a view that will have been emboldened by weekend reports pointing to LDP factions throwing weight behind the current Cabinet Secretary Suga in the race to become new PM (see the earlier flagged MNI Analysis piece for more colour on the matter). This came after Friday saw broader pressure on the cross on worry surrounding PM Abe's resignation, with downside impetus then garnering further steam on the back of broader USD weakness.
  • Friday's high (Y106.95) and low (Y105.20) provide the initial levels of resistance and support.
  • 1-5 Year BoJ Rinban ops, as well as local retail sales and industrial production data headline the Japanese docket on Monday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange Bullets

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