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Yen Rangebound, Tokyo Struggles To Contain Covid-19 Outbreak

JPY

USD/JPY generally traded sideways on Thursday and erased its marginal gain into the WMR fix. The rate last trades at Y110.40, virtually unchanged on the day. A clearance of Aug 11/Jul 7 highs of Y110.80/82 would bring the Y111.66 bull trigger (Jul 2 high) into play. Bears eye Aug 4 low of Y108.72 for initial support and a break here would turn downside focus to May 25 low of Y108.56.

  • Japanese health experts continue to sound the alarm as Covid-19 rages. A panel advising the Tokyo Metropolitan Government noted that the situation is "beyond control," with more severe cases emerging among older people.
  • With little of note left on the Japanese docket today, focus turns to next week's flash GDP & final industrial output (Monday) as well as trade balance & core machine orders (Wednesday).
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