Little to be said of the yen complex this morning after the USD opened in Asia at Y76.86 and traded a Y76.82-92 range. EUR/JPY was little better following EUR/USD moves with a high of Y97.85 from early lows of Y97.67. AUD/JPY slipped from early highs of Y79.32 to Y79.10 and remains heavy ahead of retailer bids at Y79.00. GBP/JPY retains a heavy footing after the falls from yesterday edging down from early highs of Y117.90 to Y117.67. Japan’s FinMin Azumi discussed Iranian and Europe issues with US Treas Sec Geithner, declined to comment on currencies, but expressed concerns over that the US Volker rule could affect financial market stability. There’s little change in the order books with exporter offers still capping the dollar at Y77.00, and bids layered from Y76.75 down to Y76.50, where semi-official interest is said to lurk. EUR/JPY support is seen towards yesterday’s lows of Y97.43 with Y98.45/50 (Y97.46 Jan10 high) resistance currently thwarting any rally attempts.
EasyForexNews Research Team