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USD/JPY last sits just slightly below....>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY last sits just slightly below neutral levels, at Y107.17, as
the worrying coronavirus situation in the U.S. resulted in a lower open in
e-minis. That said, both U.S. equity index futures and USD/JPY trade off lows at
typing.
- Japanese health authorities keep watching Tokyo's count of new coronavirus
cases, which reached a seven-week high on Sunday (per NHK). Econ Min Nishimura
said that there are no plans of declaring a state of emergency as new cases are
limited to the capital area.
- This comes as Tokyo Gov Koike is trying to win re-election on Jul 5, with a
Kyodo poll suggesting that she holds a comfortable lead over her rivals.
- Elsewhere, Yomiuri reported that Japan plans not to set FY21 budget ceiling.
- A drop below Y106.07, the trough of Jun 23, would open up May 6 & 7 lows,
located at Y105.99. Conversely, a jump above Jun 25 high of Y107.45 would allow
bulls to target Jun 16 high of Y107.64, a key near-term resistance.
- Japan's retail sales headline the local docket today. Flash industrial output
hits on Tues, with Tankan Survey and final Jibun Bank M'fing PMI due Weds.
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