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Yen Retreats Before Holiday

JPY

USD/JPY shot higher Monday after Pres Biden's decision to pick Jerome Powell for another term as Fed Chair sent U.S. Tsy yields rallying. The pair was the biggest gainer from Powell's renomination. Lukewarm demand at the 5-Year Tsy auction may have helped keep it buoyant, albeit it rejected resistance from Nov 17 YtD high/round figure of Y114.97/115.00.

  • As a reminder, Japanese markets are shut in observance of a public holiday.
  • The rate last operates at Y114.81, 7 pips lower on the day. A fall through Nov 19 low of Y113.59 would turn bearish focus to Nov 9 low of Y112.73. Conversely, a move through Nov 17 high of Y114.97 would bring Mar 10, 2017 high of Y115.51 into play.
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