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USD/JPY Remains Heavy

JPY

USD/JPY shot higher Monday as Moderna announced that its Covid-19 vaccine showed 94.5% effectiveness in a late-stage clinical trial, but gradually erased gains after topping out at Y105.13. The rate finished the day slightly lower, with both sides of the pair struggling against other G10 peers amid a broader risk-on feel.

  • Japanese housing loans expanded 2.4% Y/Y in Q3 after rising 2.5%.
  • The Nikkei reported that Japan is considering cutting the aviation fuel tax for one year to support the struggling airlines. The Transport Ministry was said to be seeking a cut to Y4,000/kl from the current Y18,000/kl.
  • The rate has shed 13 pips thus far and last operates at Y104.45. A break below yesterday's low of Y104.36 would turn focus to Y103.77, which represents the 76.4% retracement of the Nov 6 - 11 rally. Bulls need a jump above Nov 11 high & bull trigger at Y105.68 to gain some momentum.
  • Looking ahead, remaining data highlights this week include trade balance (Wednesday) as well as CPI & flash Jibun Bank PMIs (Friday).
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