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USD/JPY Edges Lower In Early Asia Trade

DOLLAR-YEN

USD/JPY climbed yesterday, despite broader risk-off mood inspired by the combination of factors outlined in earlier bullets. JPY was offered into the Tokyo fix, possibly owing to Gotobi day flows, and struggle recoup losses against the greenback for the rest of the day. The rate almost wiped out its Wednesday's decline.

  • Per Yomiuri, Japan told the U.S. that it won't join the "Clean Network" initiative, albeit it is already effectively excluding Huawei from its 5G projects. Tokyo said it can't join the programme in its current form, designed to exclude a specific country.
  • The pair last operates -7 pips at Y105.38, with bears looking for a dip through Y105.04, the low of Oct 14, before targeting key support from Oct 2 low of Y104.94. Bulls eye Oct 13 high of Y105.63 for initial resistance and a break here would expose Oct 7 high of Y106.11.
  • Japanese data highlights next week include trade balance (Monday), final machine tool orders (Tuesday), as well as national CPI & flash Jibun Bank PMIs (Friday).
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