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USD/JPY Extends Losses, Japan Observes National Holiday

JPY

USD/JPY had a fairly volatile session on Monday. It crept higher to the intraday high of Y105.85 in the London morning, only to dive into negative territory thereafter, as the DXY faltered in sync with U.S. Tsy yields and amid a poor showing from European equity benchmarks. As a result, the pair extended its losing streak to four sessions in a row, while implied USD/JPY volatilities rallied across the curve.

  • An Asahi report is doing the rounds, suggesting that Japan considers lifting the state of emergency in areas other than Tokyo. On Monday, the number of new Covid-19 cases in the capital fell below 1,000 for the first time in a week, to the lowest level since Nov.
  • Local markets are closed for the Emperor's birthday, which is a public holiday in Japan.
  • The pair remains under light pressure, it last changes hands -7 pips at Y105.00, with bears looking for a break under trendline support at Y104.74, located ahead of Feb 10 low of Y104.41. Bulls keep an eye on Feb 17 high of Y106.22, a key near-term resistance.
  • Focus in Japan turns to Friday's data dump, which includes Tokyo CPI, flash industrial output, retail sales and housing starts.
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