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Yen Slips Further After Nine-Week Losing Streak

JPY

USD/JPY has edged higher this morning after extending its winning streak to nine consecutive weeks on Friday, the longest bull run since 2013. The rate last sits +17 pips at Y130.73, with topside technical focus falling on Apr 28 high of Y131.25, followed by the 1.00 proj of the Feb 24 - Mar 28 - 31 price swing at Y131.96. Bears look for a dip through May 4 low of Y128.63 before targeting Apr 27 low of Y126.95.

  • Following the meeting of G7 leaders, PM Kishida confirmed the adoption of a joint plan to phase out Russian oil imports. The latest batch of Japanese opinion polls showed that the public is in favour of tightening sanctions against Russia, while an Asahi survey showed that a record proportion of people (64%) back strengthening national defence.
  • Japan will publish March earnings data at the bottom of the hour, with BoJ March monetary policy meeting minutes & final Jibun Bank Services PMI due later in the day.
  • Household spending will be published on Tuesday, ahead of Thursday's congestion of releases, which includes BoP current account balance, Eco Watchers Survey & the summary of opinions from the BoJ's April monetary policy meeting.
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USD/JPY has edged higher this morning after extending its winning streak to nine consecutive weeks on Friday, the longest bull run since 2013. The rate last sits +17 pips at Y130.73, with topside technical focus falling on Apr 28 high of Y131.25, followed by the 1.00 proj of the Feb 24 - Mar 28 - 31 price swing at Y131.96. Bears look for a dip through May 4 low of Y128.63 before targeting Apr 27 low of Y126.95.

  • Following the meeting of G7 leaders, PM Kishida confirmed the adoption of a joint plan to phase out Russian oil imports. The latest batch of Japanese opinion polls showed that the public is in favour of tightening sanctions against Russia, while an Asahi survey showed that a record proportion of people (64%) back strengthening national defence.
  • Japan will publish March earnings data at the bottom of the hour, with BoJ March monetary policy meeting minutes & final Jibun Bank Services PMI due later in the day.
  • Household spending will be published on Tuesday, ahead of Thursday's congestion of releases, which includes BoP current account balance, Eco Watchers Survey & the summary of opinions from the BoJ's April monetary policy meeting.