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USD/JPY Consolidates Above Broken Key Resistance

DOLLAR-YEN

USD/JPY jumped on Wednesday as U.S. Pres Trump signalled his support for some limited stimulus measures. The rate punched through the 50-DMA, lower edge of the Ichimoku cloud and the highs of Oct 5 & 6, printing its best levels since mid-Sep.

  • Yomiuri reported that the Japanese government plans to lower travel advisory asking citizens to avoid all travel to 12 countries and regions to a level urging people to avoid non-essential travel.
  • The pair holds steady at Y105.97, with topside focus falling on Sep 8 high of Y106.38, followed by Sep 3 high of Y106.55. Conversely, a dip under Oct 7 low of Y105.61 would turn focus to Oct 2 low of Y104.94.
  • Japanese BoP current account balance and Eco Watchers Survey are due later today, while earnings/spending data hits the wires on Friday.
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