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Yen Struggles For Clear Direction, Japan Prepared To Declare Tokyo Emergency

JPY

USD/JPY wavered Wednesday, charting a Doji candlestick at the end of the day. Although the rate slid in Asia-Pac hours, twice testing its intraday low of Y110.40, it recovered into the London morning and traded sideways through the rest of the day.

  • NHK reported that Japan is set to announce another Covid-19 state of emergency in Tokyo, although according to FNN cinemas and department stores in the capital will not be asked to close. The state of emergency would last through Aug 22, covering the whole duration of the Olympics. Kyodo reported that Okinawa will also remain under state of emergency with the same expiry date.
  • Focus in Japan moves to local BoP current account balance and Eco Watchers Survey, both due today.
  • USD/JPY last deals at Y110.62, slightly below opening levels. A clean break under Y110.40 would shift bearish focus to Jun 21 low of Y109.72. On the flip side, a rebound above Jul 2 high of Y111.66 would bring Mar 24, 2020 high of Y111.71 into play.
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