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USD/JPY Consolidates Friday's Gains, Speedway Deal Eyed

DOLLAR-YEN

The Nikkei 225 reported this morning that Seven & i will acquire Speedway for around Y2tn ($18.9bn) and USD/JPY edged higher as BBG ran a headline from the Nikkei story. The rate ticked higher still as further BBG headlines noted that the acquisition will be all cash and for $21bn, so slightly more than reported by the Nikkei. USD/JPY has shed those modest gains thereafter and last trades -3 pips at Y105.81, it has stuck to a ~15 pip range thus far.

  • Japanese Chief Cabinet Sec Suga appeared on state TV over the weekend, pointing to the government's twofold task of containing Covid-19 and stimulating economic recovery. Suga noted that the gov't will maintain its tourism campaign, which excludes Tokyo.
  • USD/JPY staged an impressive recoil on Friday, almost wiping out last week's losses. Bulls look for a break above Jul 31/27 highs of Y106.05/16 before targeting the 20-EMA at Y106.29. Bears need a fall through Jul 31 low of Y104.19 before taking aim at the 76.4% retracement of the Mar 9 - 24 rally at Y103.67.
  • Final Japanese Q1 GDP & Jibun Bank M'fing PMI headline today, with Tokyo CPI coming up on Tuesday and earnings/spending figures due Friday.
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