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Ticking Away From Tuesday's Lows

DOLLAR-YEN

USD/JPY was offered yesterday, as equity markets in Europe and the U.S. fared poorly (albeit NASDAQ ticked higher), while participants assessed deteriorating coronavirus situation across Europe & waning chances for a pre-election stimulus deal in the U.S.

  • Yomiuri reported that Japan plans to extend its "Go To Travel" campaign beyond the end of January, in an attempt to further boost domestic tourism industry. The length of the extension is yet to be decided.
  • The rate has added 12 pips thus far, moving away from yesterday's low, and last sits at Y104.53. A clearance of Oct 26 high of Y105.06 would allow bulls to target Oct 21 high & 50-DMA at Y105.53. Conversely, a retreat under Oct 21 low of Y104.34 would open up Sep 21 low & bear trigger at Y104.00.
  • Japanese retail sales and BoJ MonPol decision are due Thursday, while Tokyo CPI, unemployment and flash industrial output are due Friday.
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