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DOLLAR-YEN: USD/JPY sold off Friday as concerns over coronavirus & its economic
consequences resurfaced, pushing JPY to the top of the G10 pile. A generally
good U.S. NFP report (partials were mixed, but headline employment growth beat
exp.) prompted the rate to re-test the psychological Y110.00 barrier, but it
stood resilient and selling pressure returned.
- The pair just took a hit, but it is hard to name any single headline catalyst;
the move is part of broader risk-off flows with U.S. T-Notes & e-mini S&Ps
breaking Friday's extremes. USD/JPY last seen at Y109.64, 11 pips worse off.
- Bears would be pleased by a drop below the 50-DMA at Y109.25. It would
encourage them to take aim at the 23.6% retracement of the Aug 26 - Jan 17
rally/100-DMA at Y108.91/85. Bulls need a break above the Y110.00 mark before
setting their sights on the Jan 17 multi-month high of Y110.29.
- Japan said that the no. of confirmed coronavirus cases in Japan is 26. The no.
of cases found on the cruise ship anchored in the country rose to 61.
- In Japan, the focus turns to BoP data & Eco Watchers Survey (today), flash
machine tool orders (Wednesday) & PPI (Thursday). BoJ' Amamiya speaks on Friday.