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DOLLAR-YEN: USD/JPY has edged higher and last trades +5 pips at Y109.55.
Japanese headline and core CPIs accelerated in December, to +0.8% Y/Y and +0.7%
Y/Y respectively. The headline figure topped expectations. Elsewhere, the BoJ
published the minutes from their December monetary policy meeting
- Yesterday, the yen drew support from concerns surrounding China's coronavirus
situation. Risk sentiment recovered slightly, together with USD/JPY, as WHO
Emergency Committee voted against declaring a global health emergency.
Nonetheless, the pair closed comfortably in negative territory.
- Bears would like to see the rate recede past yesterday's low of Y108.27
(almost coincides with a fibo retracement of this month's rally), towards the
50-DMA at Y109.19. Bulls look to retake the Y110.00 mark to regain some poise.
- Coming up today are flash Japanese Jibun Bank PMIs. Points of note next week
include unemployment, retail sales, Tokyo CPI and flash industrial output (all
due Friday). The Summary of Opinions from the BoJ's most recent MonPol meeting
is due on Wednesday, while BoJ's Amamiya speaks on Thursday.