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USD/JPY Looks For Fresh Impetus To Extend Rally

DOLLAR-YEN

USD/JPY struggled to extend its recent winning streak yesterday, as it finished only marginally above opening levels. It lost ground early on, but managed to recoup losses as the greenback regained strength, with participants assessing Sino-U.S. frictions.

  • The Nikkei cited Japan LDP's tax chief Amari as refusing to back sales tax reduction, which he sees as linked to social security.
  • USD/JPY changes hands +3 pips at Y106.97, with bulls looking for a break above the 100-DMA, intersecting at Y107.23. This would bring the upper 2.0% Bollinger band at Y107.62 into play. Bears need a drop through Aug 5 low of Y105.32 before targeting Jul 31 low of Y104.19.
  • Japanese highlights next week include preliminary Q2 GDP figures & final industrial output (Monday), as well as trade balance and core machine orders (Wednesday).
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