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USD/JPY Clings On To Tuesday's Gains

DOLLAR-YEN

USD/JPY rallied yesterday, as the greenback drew support from a jump in U.S. Tsy yields, while broader sentiment was bolstered by U.S. Pres Trump's talk of potential tax cuts & Russia's announcement of the registration of the world's first
coronavirus vaccine. The rate took out resistance from Aug 3 high of Y106.47.

  • Japan PM Abe's approval rating continues to slide, with the latest NHK poll putting it at 34%, a record low. Disapproval rose to 47%.
  • In local press, Yomiuri reported that Japan will join the international Covid-19 vaccine buying framework. Separately, it ran a report noting that Japan wants to export defence equipment to India and elsewhere.
  • The rate sits at Y106.51, little changed on the day. Bulls keep an eye on the upper 1.0% 10-DMA envelope/Jul 24 high at Y106.88/90. Bears need a fall through Aug 5 low of Y105.32 before taking aim at Jul 31 low of Y104.19.
  • Japan reports flash machine tool orders today, PPI comes out on Thursday.
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