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USD/JPY has crept a touch higher, last...>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY has crept a touch higher, last sits at Y108.95. The local
services PPI came and went, printing in line with expectations at +2.1% Y/Y. BBG
reported that PM Abe will likely nominate the successor to BoJ's Harada, known
as one of the more dovish BOJ board members. As a reminder, Yukitoshi Funo,
another BOJ board member, sees his five-year term end on June 30.
- The yen was bolstered by a coronavirus-inspired flight to safety on Monday,
remaining the top G10 performer through the day as reports of new deaths &
infections continued to sap risk appetite.
- Bears would welcome a fall through the crossover of yesterday's trough &
100-DMA at Y108.73. The 200-DMA provides the next layer of support below at
Y108.48. Bulls look to fill yesterday's opening gap by a jump through last
Friday's low/50-DMA at Y109.17/20.
- There is a cluster of Japanese data coming up on Friday, which includes
unemployment, retail sales, Tokyo CPI and flash industrial output. The Summary
of Opinions from the BoJ's most recent MonPol meeting is due Wednesday, while
BoJ's Amamiya speaks Thursday.
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