Yet another uneventful session for the USD/JPY in Asia as the pair continues to wallow in very tight ranges. Exporters offers from Y77.00 continue to thwart any rally attempts and talk of bids layered from Y76.75 down to semi official bids ahead of Y76.50 discouraging any sell-offs. The USD ranged Y76.81-94 after opening at Y76.85. EUR/JPY eased on Japanese sales from Y98.20 to Y97.93 abetted by some EUR/USD sales from a US macro account. There are bids reportedly sitting down at Y97.25 and Y97.00 with the latter holding a large barrier. AUD/JPY fell back with the AUD, which was hit by blackbox and AUD/NZD sales taking the cross down from early highs of Y79.29 to Y79.00, finding some solid bids at the lows from Japanese retailers. GBP/JPY drifted off with cable from Y119.06 to Y118.83. NZD/JPY was stable settling around Y61.00 for most of the session. Japan’s PM Noda has asked ex-foreign minister Katsuya Okada to become deputy PM amid waning popularity and public disapproval of his latest planned consumption tax rises.
EasyForexNews Research Team