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DOLLAR-YEN: USD/JPY last trades at Y111.13, a touch lower on the day, after
closing ~40 pips lower Friday.
- Friday's Asia-Pacific session saw the pair slide over 50 pips on the back of
broader risk-off flows. There was no immediate reaction noted upon the upward
revision to Japanese Q4 GDP (both on a quarterly and annualised basis), while
January's c/a balance was wider than exp., and the latest trade deficit was
narrower than exp. trade deficit. These releases may have provided a degree of
support to JPY through the session.
- The rate then briefly breached the Y111.00 mark, as it spiked lower on the
back of a particularly weak headline nonfarm payroll print, but it gradually
recovered from worst levels.
- Bears look for a break below the 21-DMA at Y110.96, ahead of the 100-WMA,
located at Y110.82. Conversely, bulls look to Y111.25, which represents the
cloud Tenkan Sen, followed by the 100-DMA at Y111.36.
- The BoJ is set to deliver its MonPol decision on Friday. Elsewhere, focus
turns to domestic PPI, core machine orders and BoJ Rinban ops due Wednesday.