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USD/JPY Slides Into London Fix

JPY

USD/JPY failed to hold gains registered in Thursday's Asia-Pac session on the back of the news the U.S. Pres-elect Biden would propose a ~$2.0tn relief package. The pair was sold into the WMR fix, while subsequent comments from Fed Chair Powell, downplaying potential for any rate hikes/policy exit in the near-term, prevented recovery attempts.

  • It is a Gotobi day in Japan, which may exert some pressure on JPY.
  • USD/JPY trades flat at Y103.80 as we type. Losses past Jan 13 low of Y103.53 would allow bears to target Jan 7 low of Y102.95. Conversely, a rebound above Jan 11 high of Y104.40 would give bulls a green light for targeting the upper 1.0% 10-DMA envelope at Y104.65.
  • Next week, Japanese docket features final industrial output (Monday), trade balance, final machine tool orders & BoJ MonPol decision (Thursday) as well as national CPI (Friday).
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