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Yen Regains Poise Amid Greenback Sell-Off

JPY

USD/JPY retreated Wednesday, as the greenback lost ground ahead of Fed Chair Powell's congressional testimony and extended losses as the official said that the Fed is "still a ways off" reducing stimulus. The yen was buoyed by mixed equity performance and beat all of its G10 peers save for the kiwi, which helped USD/JPY snap a three-day winning streak.

  • Japan will approve the use of Moderna Covid-19 vaccine on people aged 12 and older, according to an unidentified NHK source. The local regulator already allows for 12 year-olds to be inoculated with the Pfizer product.
  • The Nikkei reported that Japan's FSA and the BoJ are planning to conduct a survey of regional banks on their anti-money laundering steps.
  • The latest monetary policy decision and outlook report from the BoJ take focus on Friday. The NHK reported that the Bank will lower its GDP growth outlook for this fiscal year.
  • USD/JPY trades flat at Y109.98, with bears looking for a dip through Jul 8 low of Y109.53, towards Jun7 low of Y109.19. Bulls need a clearance of Jul 14 high of Y110.70, before targeting Jul 7 high of Y110.82. As a reminder, it is a Gotobi day today.
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