USD/JPY was seen declining to 105.75 on the back of concerns of the Sino American war as well as the internal tussle in US leading up to the elections. Joe Biden has offered no new taxes for people earning below $400,000. Analysts from JP Morgan is signalling a bearish call on this pairing with a stop loss 0f 107.69. This is based on ‘subdued outflows of funds from Japan, USD-bearish environment due to fiscal impasse in Washington and deteriorating US-Japan real yield differential factors'.
In a related note, Japan’s PM Shinzo Abe recently went through a seven and a half hours medical examination and is due to collect his test results today. Concerns over his health are linked to fatigue from dealing with the coronavirus crisis. Fun fact: Abe is Japan’s longest serving Prime Minister, so here’s to wishing him well!
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