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USD/JPY Marginally Lower After Monday's Sell-Off

DOLLAR-YEN

USD/JPY shed as many as 77 pips yesterday, printing its worst levels since
mid-March. The rate lost altitude as the greenback got pummelled on the back of
domestic fiscal matters, pre-Fed positioning, month-end flows, stronger EUR
& worsening Sino-U.S. tensions. It ticked off lows in U.S. hours, as
local equity benchmarks registered gains.

  • USD/JPY has inched lower this morning, as USD underperforms its G10 peers
    at the margin. The rate last sits -3 pips at Y105.34.
  • Bears look for a break under yesterday's low of Y105.12, which would open
    up the lower 2.0% 10-DMA envelope at Y104.48. Bulls need a jump above Jul
    24 high of Y106.90 to gain some impetus.
  • Japanese data highlights this week include retail sales (Thursday), as well as
    unemployment & flash industrial output (Friday).
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