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USD/JPY Rises On Japanese Holiday

JPY

USD/JPY popped higher Thursday in a holiday-thinned trade, as a number of Asian markets (including Japan) were closed. The move occurred after the rate charted a Doji candlestick the prior day, pointing to a fierce battle between bulls and bears. The yen was the worst G10 performer on the day.

  • Per NHK, Japanese Health Ministry panel is poised to approve the Pfizer Covid-19 vaccine as soon as today. A separate Kyodo piece suggested that the formal approval could come on Sunday.
  • Japan is back from holidays and USD/JPY last changes hands at Y104.78, just above neutral levels. Bulls look to take out Feb 9 high of Y105.26 before targeting Feb 5 high at Y105.77, a key near-term resistance. Bears need a dip through the 100-DMA/trendline support at Y104.38/34 before taking aim at Y103.57.
  • Japanese highlights next week include GDP data & final industrial output (Monday), trade balance & core machine orders (Wednesday) as well as final Jibun Bank PMIs & national CPI (Friday).
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