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USD/JPY ticked away from its recent......>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY ticked away from its recent lows on Tuesday, returned onto
the Y109.00 handle and filled the gap opened at the start to the week. A rebound
in European & U.S. equity benchmarks applied pressure to the yen, despite the
ongoing coronavirus situation. A rally in USD/JPY was capped at the 50-DMA,
which today intersects at Y109.21. It has already been crossed today, but the
rate has failed to hold above.
- With USD/JPY trading flat at Y109.15, bulls look for a sustained move through
the aforementioned 50-DMA, which would expose the Jan 24 high of Y109.24. Bears
need a fall below the 100-DMA/Jan 27 low at Y108.74/73 before targeting the
200-DMA at Y108.47.
- Tuesday also saw participants scrutinise the latest BoJ policy board
nomination. Seiji Adachi was chosen to replace Yutaka Harada, when the latter's
term expires in March. Adachi shares Harada's reflationist stance.
- The summary of opinions from the BoJ's most recent MonPol decision is due
shortly. Looking further ahead, BoJ's speaks on Thurs, while local unemployment,
retail sales, Tokyo CPI and flash industrial output hit on Fri.
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