Continued a gradual slip down from Y78.00 seen yesterday in Asia and NY, despite poor retail sales and industrial output data coming in below expectations today. The pair opened at Y77.88 and edged up to Y77.92 before drifting off to Y77.76. Japanese officials also reiterated that Japan would not change its stance on intervention in FX markets and would take appropriate action when needed, despite a US Treasury report that the US didn’t approve of the recent MOF actions in the market. EUR/JPY slipped from Y101.81 to Y101.57 as EUR/USD gently eased in thin trade. AUD/JPY edged higher from earlier lows of Y78.94 to Y79.14 before easing back later to Y78.95. GBP/JPY faded from Y122.04 to Y121.75. USD offers are now cited up towards Y78.00, with bids towards Y77.70. EUR/JPY support is seen towards Y101.45/50 with resistance up at Y101.95/00.
EasyForexNews Research Team