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USD/JPY Falters Past Y109.00

JPY

USD/JPY largely traded sideways on Wednesday, as both safe haven currencies struggled. The rate finished just below neutral levels after printing a three-week low and piercing support from Apr 8 low/23.6% retracement of the YtD rally at Y109.00/108.99.

  • NHK reported that Japan considers stricter virus measures in the prefectures surrounding Tokyo. Other local media outlets reported as much earlier this week.
  • Japan joint the U.S. in urging China to put a greater effort into reducing its greenhouse gas emissions. Meanwhile, Taiwan, South Korea and China closed ranks in criticising Japan's decision to release radioactive water from the Fukushima power plant into the Pacific Ocean.
  • As a reminder, it is a Gotobi day today.
  • The rate last sits at Y108.94, little changed on the day. A slide through yesterday's low of Y108.75 would open up Mar 23 low of Y108.41, a key near-term support. Bulls need a clearance of Apr 9 high of Y109.96, which would shift focus to Apr 6 high of Y110.55.
  • BoJ Gov Kuroda's address at the Branch Managers Meeting takes focus in Japan today.
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