Was largely a non-event in Asia with the dollar hemmed into another very tight range of Y76.78-91 after opening the session at Y76.83. EUR/JPY was equally uninspiring in a Y98.03-28 range with the main interest being the yen-antipodean crosses. Stronger Asian bourses and Australian building approval data led a surge higher in the AUD which pulled AUD/JPY sharply higher from Y78.62 to Y79.24, with Japanese investors and spec names amongst the buyers. NZD/JPY also booked strong gains as the NZD/USD broke up through the 100 day MA on a short squeeze, taking the cross up from $60.43 to $60.99. GBP/JPY edged up to Y118.93 from Y118.73 on a gentle cable rise. USD/JPY bids are remaining in place from Y76.60 down to Y76.50 from various names including semi-officials, but exporters offers continue to cap ahead of Y77.00. EUR/JPY continues to struggle towards resistance at Y98.30 with support seen towards Y97.80, and the bias remaining heavy as traders look to sell rallies.
EasyForexNews Research Team