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USD/JPY Slips Early On

DOLLAR-YEN

USD/JPY moved higher yesterday as the greenback outperformed in the G10 basket, with the DXY printing best levels since late Jul. Fedspeak was in focus, with central bank members reiterating their calls for further fiscal support to avert a worst case economic scenario.

  • Yomiuri reported that Japan will seek Y25.5tn for debt service in its FY21 budget.
  • For the record, the BoJ has just released the now slightly outdated minutes from its Jul MonPol meeting. A link to the document can be found in an earlier bullet.
  • Little of note left on Japan's docket during the remainder of this week.
  • USD/JPY has given away a handful of pips this morning, as e-minis have ebbed lower. The rate sits -6 pips at Y105.33, with bears targeting Sep 22 low of Y104.41, followed by the key Sep 21 low of Y104.00. Bulls see Sep 23 high/20-EMA at Y105.49/50 as the initial resistance and a break here would expose the 50-DMA at Y105.90.
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