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USD/JPY Edges Higher Testing Yesterday's Peak

DOLLAR-YEN

USD/JPY climbed Tuesday, with both sides of the pair landing near the bottom of the G10 pile. Demand for AUD/JPY sapped some strength from the yen in Asia-Pac hours, even as the currency breathed a short-lived sigh of relief into the Tokyo fix. Broad-based USD sales capped gains in USD/JPY later on, with the rate trading sideways through the rest of the day.

  • In their first phone call, PM Suga & Russian Pres Putin committed to holding an in-person meeting soon as they seek to resolve territorial disputes. Separately, U.S. Sec of State Pompeo said he will travel to Japan next week.
  • Both of the Japanese activity indicators released this morning showed expansion on a M/M basis, albeit differing in pace. Industrial output rose slower than in Jul, but faster than exp., per the preliminary reading. Retail sales increased faster than forecast after declining the previous month.
  • USD/JPY last sits at Y105.73, 8 pips better off, with the yen underperforming in G10 FX space. The pair is testing yesterday's high and a clean break here would open up the 50-EMA at Y105.91, followed by Sep 8 high of Y106.38. Bears look for a dip through Sep 23 low of Y104.88, which would expose Sep 22 low of Y104.41.
  • Looking ahead, the Tankan Survey & final Jibun Bank M'fing PMI are due tomorrow, while Japanese unemployment hits the wires on Friday.
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