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Yen Slips On Better Risk Appetite

JPY

The yen struggles from the off as U.S. e-mini futures have eked out some gains, indicating positive risk sentiment. USD/JPY deals at Y127.98, up 11 pips on the day, still within the confines of Friday's trading range.

  • Bears look for losses past May 19/Apr 27 lows of Y127.03/126.95 before setting their sights on the 50-EMA at Y125.86. Bulls look for a break above May 12 high of Y130.05 before taking aim at May 9 cycle high of Y131.35.
  • U.S. Pres Biden touched down in Tokyo and meets with Japan Prime Minister Kishida, who is expected to tell the POTUS about the planned defence spending boost. On Tuesday, the two leaders will take part in a summit with fellow Quad leaders from India and Australia.
  • This week's data highlights include flash Jibun Bank PMIs (Tuesday) & Tokyo CPI (Friday). In addition, BoJ Gov Kuroda will speak at the 2022 BoJ-IMES Conference Wednesday.
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