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USD/JPY continued to unwind its recent rally yesterday, extending its move away from the 200-DMA, an important near-term resistance. The rate registered some gains in Asia-Pac hours, but dived into the WMR fix amid broader greenback sales.
- Japanese earnings accelerated their decline in Dec, but fell at a slower pace than forecast. Still, the drop in wages was the steepest since Jun 2015.
- FinMin Aso informed that the cabinet has approved Y1.1tn of reserve fund use, which will be used for Covid-19 response measures.
- A Jiji report suggested that the gov't is considering lifting the state of emergency in Aichi, Gifu & Fukuoka prefectures.
- USD/JPY trades -5 pips at Y105.18 at typing. A break under Feb 4 low of Y104.98 would open up Jan 11 high of Y104.40, a recent breakout level. Bulls keep an eye on the aforementioned 200-DMA at Y105.56 & Feb 5 high of Y105.77, followed by the 1.50 projection of the Jan 6 - 11 swing at Y106.05.
- Looking ahead, Japanese machine tool orders (p) are due later today.