Notwithstanding the firmer Buck, the Yen stands as the G10 gainer amid the deteriorating risk sentiment triggered by a barrage of downbeat Brexit commentary and news data. USD/JPY resides around 104.00 having had briefly dipped below the level to a current low at 103.93 from 104.27 at best. High-beta FX have lost steam and reside towards session lows as the risk environment eroded in early European hours. The EUR/JPY remains bullish for the final stages of this week. We have seen some great moves from this pair this week.
Comment
⋅
The Yen looks set for a flat weekly European close around the 104.00 mark having had printed a 103.92-104.58 parameter. Price action has been comparatively caged for the pair over the week, although some JPY weakness throughout the week was attributed to gotobi play, whilst on a domestic front - Q3 GDP was revised higher whilst core machine orders also saw a jump. Japanese PM Suga also unveiled a fresh stimulus package worth some JPY 73.6tln. Looking ahead, next week sees the BoJ confab, National CPI and the Tankan Survey.