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Free AccessTokyo Extends State Of Emergency, JPY Still In Free Fall
USD/JPY was on a tear yesterday, staging an impressive rally as both sides of the pair landed on the opposite ends of the G10 scoreboard. There was talk of stop-loss purchases and option demand as factors lending support to the rate early on. The greenback received a fresh boost in U.S. hours as Fed Chair Powell sounded less dovish than many had expected.
- The rate briefly crossed above the Y108.00 mark today, for the first time since Jul 1. Japanese FinMin Aso declined to comment on FX moves.
- Japanese Econ Min Nishimura announced that the gov't has recommended extending the state of emergency in Tokyo and the three neighbouring prefectures by two weeks. PM Suga will speak to the press on the coronavirus situation at 9pm JST.
- USD/JPY sits at Y107.95 as we type, just shy of neutral levels & off Y108.01, where it peaked earlier in the session. A break above Jul 1, 2020 high of Y108.16 would prompt bulls to take aim at the upper 3.0% Bollinger band at Y108.85. Bears keep an eye on Mar 2 & 3 lows of Y106.68.
- Japan's docket next week features BoP current account balance & Eco Watchers Survey (Monday), final GDP, flash machine tool orders, earnings & spending data (Tuesday) as well as BSI Survey (Friday).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.