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Yen Continues To Oscillate In Tight Range

JPY

USD/JPY struggled for a clear direction Monday, as U.S. markets were closed, thinning out broader liquidity. The rate finished marginally below neutral levels, grinding further away from its recent cycle high of Y111.66.

  • Japan's tax revenue reached a record Y60.8tn in the year through Mar 2021, topping the gov't's forecast of Y55.1tn, according to the latest update from the Finance Ministry. This was
  • Cash earnings and household spending data headline the local docket today. Later this week, focus turns to Thursday's BoP current account balance & Eco Watchers Survey.
  • USD/JPY last sits -5 pips at Y110.91, with bears seeing Jun 30 low of Y110.42 as their initial target. A break under that level would open up Jun 21 low of Y109.72. On the flip side, a rebound above Jul 2 high of Y111.66 would clear the way to Mar 24, 2020 high of Y111.71.

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