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Free AccessUSD/JPY opened sharply lower and.........>
DOLLAR-YEN: USD/JPY opened sharply lower and remains in free fall amid the
prevailing risk-off theme. Weekend news flow was dominated by headlines re:
coronavirus, with reported counts of infections and deaths ticking ever higher.
China's Politburo decided to extend Lunar New Year holidays to try and contain
the spread of the virus. Participants still keep an eye out for any updates.
- This comes after the rate finished its fourth straight session in the red
Friday. Coronavirus worry was responsible for the bulk of losses last week.
- Gov Kuroda appeared in Davos last Friday, noting that the BoJ remains "far
away" from its inflation target, which requires accommodative policy to stay.
- The rate last deals at Y108.76, 52 pips lower on the day. Bears keep an eye on
Y108.66, the 61.8% retracement of the YtD range. Below there opens up the
200-DMA at Y108.49. Bulls need the rate to fill the opening gap to regain some
poise. The topside focus is on last Friday's low/50-DMA at Y109.17/19.
- Looking ahead, Friday will see the release of Japanese unemployment, retail
sales, Tokyo CPI and flash industrial output. The Summary of Opinions from the
BoJ's most recent MonPol meeting is due Weds, while BoJ's Amamiya speaks Thurs.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.