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USD/JPY Edges Lower In Early Trade

DOLLAR-YEN

USD/JPY pushed higher Monday, as little progress in U.S. stimulus talks & worrying coronavirus headlines stoked demand for the greenback. the pair had a brief look above the Y105.00 mark, but failed to establish itself north of that round figure.

  • The rate trades -6 pips at Y104.78 at typing, as e-minis have turned red. Bears need a retreat under Oct 21 low of Y104.34 before taking aim at the psychological Y104.00 level, which limited losses on Sep 21. Gains past Monday's peak at Y105.06 would open up Oct 21 high/50-DMA at Y105.53/57.
  • An NHK report mentioned that northern Hokkaido prefecture is set to raise its coronavirus alert level to 2 in a 5-tier system.
  • BoJ MonPol decision, Japanese retail sales & consumer confidence are due Thursday, while Tokyo CPI, unemployment & industrial focus comes out Friday.
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