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(Z1) Remains Below Recent Highs

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USD/JPY slipped Thursday, as the greenback struggled after below-forecast U.S. GDP data and slightly higher than projected weekly jobless claims fuelled speculation that the Fed could begin tapering stimulus later than previously expected. USD/JPY crossed below its 100-DMA as a result, after testing this moving average on Jul 27.

  • Kyodo cited unidentified diplomatic sources saying that the U.S. wants Japan to shoulder more of the costs for hosting American troops and would like to implement a new cost-sharing deal from FY2022. The two countries are set to hold working-level talks early next month, with Tokyo set to argue that it cannot significantly increase its expenses.
  • Japanese data docket is quite tightly packed today, with unemployment, retail sales and flash industrial output all due shortly. Next week's calendar features final Jibun Bank M'fing PMI (Monday), Tokyo CPI (Tuesday) & earnings/spending data (Friday).
  • USD/JPY last sits at Y109.45, slightly below neutral levels. Bears look for a dip through Jul 19 low of Y109.07, before taking aim at May 25 low of Y108.56. Conversely, a break above Jul 23 high of Y110.59 would shift focus to Jul 14 high of Y110.70.