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Japanese PM Frontrunner Signals Snap Election, USD/JPY Maintains Range

Japanese PM Frontrunner Signals Snap Election, USD/JPY Maintains Range

Justin McQueen, Strategist

Japanese Yen Price Analysis and News

  • Japanese PM Frontrunner Signals Snap Election
  • Japanese Yen to Maintain 105-107 range

Japanese PM Frontrunner Signals Snap Election

As risk appetite remains soft with US futures on the backfoot, the Japanese Yen is better bid, particularly on the crosses, while USD/JPY trades flat. Overnight, Japanese Cabinet Secretary Suga made his first speech since his announcement to run for LDP Leader, in which the frontrunner signalled that snap elections may be on the horizon for Japan. As it stands, Japanese elections had not been scheduled until next October, however, with Suga pledging to continue Abenomics accompanied by advanced reforms the frontrunner may opt to call an election to solidify his position.

Japanese Yen to Maintain 105-107 range

As Suga looks to carry out more of the same with Abenomics, the Japanese Yen may struggle to break out of its recent 105-107 range in the short-term. Of note, while the beginnings of Abenomics had been bearish on the Yen, the impact has eased in recent times. In turn, the USD/JPY outlook may indeed be dictated by USD dynamics, most notably the upcoming US election.

Japanese Yen Chart: Daily Time Frame

Japanese PM Frontrunner Signals Snap Election, USD/JPY Maintains Range

Source : IG

10 Most Popular Candlestick Patterns

Brexit Risk Premiums on the Rise as GBP Short-Dated Vols Surge

A reality check for GBP bulls as no-deal concerns returns to the forefront of investors minds. In turn, GBP has been offered across the board with GBP/JPY making a firm break below 140, eyes are for a test of support at 138.20-30.. As the recent bid in GBP short-dated implied vols gathers momentum, the Pound is likely to remain somewhat choppy in the coming weeks.

British Pound (GBP) Latest: Further Losses Probable, No-Deal Brexit Comes Closer(find out more)

Japanese PM Frontrunner Signals Snap Election, USD/JPY Maintains Range

Source: Refinitiv

GBP/JPY Chart: Daily Time Frame

Japanese PM Frontrunner Signals Snap Election, USD/JPY Maintains Range

Source: IG

https://www.dailyfx.com/forex/market_alert/2020/09/08/British-Pound-GBP-Latest-Further-Losses-Probable-No-Deal-Brexit-Comes-Closer-MSE.html

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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