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USD/JPY Edges Higher, Nears Y110.00 Mark

JPY

USD/JPY finished last week on the front foot as a bullish flag breakout was followed by renewed demand for the pair, bringing the Y110.00 mark into play. The rate last trades at Y109.70, a touch higher on the day.

  • Pressure is mounting on PM Suga to join Western nations in slapping sanctions on China for human-rights abuses in the Xinjiang province. Japan is the only G7 member who has not imposed sanctions on Beijing, which LDP lawmaker & ex-Defence Min Nakatani deemed "shameful."
  • Yomiuri reported, without attribution, that Japan will set up an emissions-trading market in FY2022 as part of the central gov't's plan to make Japan carbon neutral by 2050.
  • Bulls need a clearance of Jun 5, 2020 high of Y109.85 before targeting psychological resistance from the Y110.00 figure. Bears look for a slide through Mar 26 low of Y109.13, which would open up Mar 23 low of Y108.41.
  • The BoJ will release the Summary of Opinions from its Mar MonPol meeting today. Looking further afield, focus turns to unemployment & retail sales (Tuesday), flash industrial output & housing starts (Wednesday), Tankan Survey & final Jibun Bank M'fing PMI (Thursday).
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