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USD/JPY Fails To Take Out 20-EMA, Eases Off As Protesters Storm Capitol

JPY

USD/JPY caught bid Wednesday as the NYSE said it is proceeding with a plan to delist three Chinese telecoms, which sent USD/CNH higher inspiring demand for the greenback. Reported stop-loss buying helped push the rate higher ahead of the WMR fix. It trimmed gains later in the day, amid risk aversion seen as Trump loyalists attempted to disrupt the certification of results of the U.S. presidential election. Looking at price action, the rate bounced off a fresh 10-month low only to reject the 20-EMA and ease off into the close.

  • PM Suga is expected to declare a state of emergency in Tokyo, Saitama, Chiba and Kanagawa today in a bid to stop the spread of new coronavirus infections.
  • The pair last sits at Y103.07, 3 pips better off. A breach of the 20-EMA at Y103.42 would open up Dec 28 high of Y103.90. Conversely, a dip through Jan 6 low of Y102.59 would shift focus to Mar 10 low of Y102.02.
  • Japanese cash earnings comes out today, with household spending due tomorrow.
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