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Free AccessUSD/JPY Edges Lower As Caution Creeps Into Holiday-Thinned Trade
USD/JPY has edged lower, gently pressured by the mix of aforementioned risk-negative factors. The rate last deals -6 pips at Y105.87. As a reminder, Japan is off for the Mountain Day holiday.
- Late on Friday, Kyodo cited Japanese Foreign Min Motegi as noting that Japan and the UK have reached agreement in most areas during their trade negotiations and are aiming for a broad accord by the month-end.
- Elsewhere, Japanese PM Abe pointed to the need to avoid another state of emergency, as the country is trying to recover from the coronavirus crisis.
- A move through Aug 5 low of Y105.32 would turn focus to Jul 31 low of Y104.19. Conversely, bulls keep an eye on Aug 3 high of Y106.47. A break here would open up the 50-EMA at Y106.69.
- Looking ahead, Japanese BoP data and Eco Watchers Survey are due Tuesday, flash machine tool orders come out on Wednesday, PPI hits on Thursday.
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