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Yen Steady After Japan Expands State Of Emergency

JPY

USD/JPY erased early losses Wednesday and edged higher in the London morning before a spell of sideways trade. The uptick coincided with a parallel move in the DXY. Broader focus fell on Fedspeak and the approval from the U.S. House of Representatives to proceed with the impeachment of U.S. Pres Trump.

  • On Wednesday, Japan expanded its state of emergency to seven more prefectures, namely Osaka, Kyoto, Hyogo, Aichi, Gifu, Fukuoka and Tochigi. PM Suga noted that the gov't will halt arrangements allowing inbound business travel from some foreign countries during the state of emergency.
  • USD/JPY last trades at Y103.87, little changed on the day. A break above Jan 11 high of Y104.40 would shift focus to the upper 1.0% 10-DMA envelope at Y104.60. Conversely, bears need a dip through the 50% retracement of the Jan 6 - 11 rally at Y103.49 before targeting Jan 7 low of Y102.95.
  • Japanese core machine orders & PPI headline the docket today, with a speech from BoJ Gov Kuroda at branch managers' meeting also due.
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