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USD/JPY Creeps Higher In Early Trade After Falling For Five Straight Sessions

JPY

USD/JPY ground lower yesterday, with downside momentum initially ignited by sales into the Tokyo fix. The rate remained offered, as U.S. equities slid. The pair extended its losing streak to five consecutive sessions, ebbing through the Y104.00 mark.

  • Local coronavirus situation remains under scrutiny. Per NHK, the Tokyo Metropolitan Government is not yet considering asking stores to close early, as it gets ready to raise its coronavirus alert to the highest level today.
  • The rate has added 14 pips in early Asia-Pac trade and last deals at Y103.96. Bulls eye the 20-EMA at Y104.59 for initial resistance and a break here would open up Nov 13 high of Y105.16. Bears look for a dip through Nov 18 low at Y103.65, which would expose Nov 6/Mar 12 lows of Y103.18/09.
  • Japanese CPI & flash Jibun Bank PMIs come out tomorrow.
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