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Yen Creeps Higher, Japan's Capex & Company Profits Beat Expectations

JPY

USD/JPY erased its initial gains into Tuesday's European hours and remained on the back foot through the rest of the day, as Russia continued to escalate its military aggression against Ukraine.

  • The rate has shed a handful of pips this morning and trades at Y114.83. Bears look for a fall through Feb 24 low of Y114.41 before taking aim at Feb 2 low of Y114.16. Conversely, a jump above Feb 15 high of Y115.87 would encourage bulls to target Feb 10/Jan 4 highs of Y116.34/35.
  • Japan's capex grew 4.3% Y/Y in the final quarter of 2021, smashing the consensus estimate of +2.9%. Company profits also beat expectations (+19.3%) and rose 24.7%.
  • Participants look ahead to a speech from BoJ's Nakagawa (Thursday) and unemployment data (Friday).
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