- The dollar gives ground on all fronts on Monday.
- USD / JPY falls even despite good performance from equity markets.
The USD / JPY is declining modestly on Monday and is trading in the low zone for the day, just above 109.50. The setback occurs before a general fall of the dollar in the market.
The greenback gives ground at the start of the week, at a moderate pace while rises in the European equity markets and in Wall Street futures. Treasury yields remain close to weekly lows, helping to keep USD / JPY on a bearish bias.
The The focus of attention is expected to continue to be on what happens on Wall Street and with the bond market.. With regard to data, it will be known US Manufacturing PMI (final) plus ISM Manufacturing and the construction expenditure report. In Japan, in the Asian session on Tuesday, the inflation data for Tokyo will come out.
July had the biggest monthly drop for USD / JPY in a year. It was due to the strong retreat from highs in months, from levels above 111.00. Important support ahead can be seen at 109.30, where a daily close clearly below would enable an extension of the bearish run, exposing 109.00. To the upside, just above 110.10, the bearish bias would be in doubt.
Technical levels
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