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USD/JPY Hovers Above Multi-Month Lows, Japan Off For Holidays

JPY

USD/JPY went offered Wednesday as month-/quarter-/year-end flows dented the greenback, but reported short-covering lifted the pair off lows into the WMR fix. Familiar matters dominated on the headline front, with little in the way of fresh catalysts seen locally.

  • Japanese markets are shut for a bank holiday today, which will sap liquidity across the region.
  • The rate last sits at Y103.17, close to neutral levels. Y102.96, which limited losses Wednesday, marks the initial bearish target. Below there opens Dec 17 low & bear trigger at Y102.88. Bulls look for a jump above Dec 16 high of Y103.92, followed by Dec 11 high of Y104.28.
  • Focus turns to next week, with final Jibun Bank M'fing PMI (Monday), cash earnings (Thursday) and household spending (Friday) due.
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