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USD/JPY Extends Rally

JPY

USD/JPY extended its rally on Tuesday, hitting its best levels since December and rising for the fifth day in a row (the longest winning streak since Sep). The rate ground higher as USD was in demand, with the DXY rising to two-month highs.

  • Tuesday brought the confirmation that Japan will extend its state of emergency through Mar 7. Upper House Sec-Gen of LDP told BBG that Japan should reinstate its Go To campaign after the declaration of emergency is terminated in Mar.
  • Elsewhere, Tokyo Olympics organising committee insisted that the games will be held "no matter what situation would be with the coronavirus" despite public backlash against holding the event this year.
  • The rate sits +5 pips at Y105.02. Gains past Feb 2 high/upper 1.0% 10-DMA envelope at Y105.17/30 would open up the upper 3.0% Bollinger band at Y105.46. On the downside, focus falls on Y104.40, the low print of Jan 11 & a recent breakout level. Below there opens former channel top at Y103.81.
  • Final readings of Japanese Jibun Bank Services & Composite PMIs are due today, while household spending comes out on Friday.
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