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USD/JPY Eases Off Highs After Rally Loses Steam Above Y104.00

JPY

USD/JPY shot higher in Tuesday's Asia-Pac session as risk appetite improved but the pair failed to make much headway beyond the Y104.00 mark ahead of the expiry of $1.1bn worth of options with strikes at Y103.90-104.00 at the NY cut. Struggling to extend its initial gains, spot USD/JPY ground off highs through the rest of the day, with greenback offered in the lead-up to the congressional hearing of Joe Biden's Tsy Sec pick Yellen.

  • The Nikkei reported without attribution that the Japanese gov't considers extending its employment subsidy programme through the end of the month following the termination of the state of emergency.
  • On Tuesday, Japanese Chief Cabinet Sec Kato said that widespread Covid-19 vaccine rollout is not a prerequisite for going ahead with the Tokyo 2020 Olympics.
  • USD/JPY last seen at Y103.89, virtually unchanged on the day. A breach of Jan 11 high of Y104.40 would allow bulls to target the upper 1.0% 10-DMA envelope at Y104.92. Bears see Jan 13 low of Y103.53 as their initial target, followed by Jan 7 low of Y102.95.
  • Japanese trade balance hits the wires on Thursday, with national CPI coming up Friday. Also on Thursday, the BoJ will deliver its latest MonPol decision.
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