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USD/JPY ground higher Monday, as firmer risk appetite sapped strength from the yen. That being said, the rate stuck to the prior trading day's range and eked out only a modest gain come the end of play. It is worth noting that the latest goings-on surrounding Japan's upcoming election generated some fresh uncertainty on the political front.

  • Japan's ruling LDP is facing increasing headwinds ahead of the general election slated for this coming Sunday. The party lost an upper house by-election in Shizuoka, while broadcaster FNN published a poll which suggested that the LDP may lose outright majority in the House of Representatives. Even if that scenario came to fruition, the LDP would be able to form a government with current coalition partner Komeito.
  • Japan's data highlights during the remainder of this week include retail sales (Thursday) as well as Tokyo CPI, unemployment & flash industrial output (Friday). In addition, the BoJ will deliver their monetary policy decision on Thursday.
  • USD/JPY last seen at Y113.73, little changed on the day. Bulls need a break above Oct 20/ 2021/Nov 6, 2017 highs of Y114.70/73, before taking aim at Mar 10, 2017 high of Y115.51. On the flip side, a dip through Sep 30 high of Y112.08 (a recent breakout level) would shift focus to Oct 8 low of Y111.51.