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Tight Range

JPY

A firmer greenback dragged USD/JPY higher yesterday, but it failed to make much headway beyond Nov 9 high of Y105.65 and pulled back before testing the 100-DMA. Nonetheless, the pair eked out 13 pips worth of gains at the end of the day.

  • NHK reported that the government plans to ramp up coronavirus counter-cluster measures. These could include having the employees of bars and clubs take PCR tests and asking eateries to close early.
  • PM Suga spoke by phone with U.S. President-elect Biden and the two leaders agreed to meet as soon as possible.
  • The rate last sits at Y105.46, a touch higher on the day. A move through Y105.68, which capped gains yesterday, would open up the 100-DMA at Y105.84. On the flip side, losses past the 50% retracement of the Nov 9 rally at Y104.42 would draw attention to Nov 6/Mar 12 lows of Y103.18/09.
  • There's little left on the Japanese docket this week, with a speech from BoJ's Adachi coming up today.
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