Opened in Asia at Y76.55 after lows in NY of Y76.51. Some heavy sales were seen in yesterday’s session but the pair maintained a hold above Y76.50 and again this morning with semi-official names seen providing the support. The dollar then headed higher on the usual veiled threats of intervention from Fin Min Azumi, and a Reuters headline that the BOJ quietly intervened to the tune of around $13bln between Oct and Dec. The pair ran up to Y76.78 before meeting strong exporter offers towards Y76.80/00. Stops lie above Y77.00, and below Y76.00, with larger down through Y75.50. EUR/JPY recovered from early lows of Y100.37 to Y100.72 on AUD/JPY buying following an unchanged RBA rate decision before slipping back to the early lows and later balancing around Y100.50. Bids remain from around Y100.00 but stops are set down through Y99.85, Y99.50 and Y99.25. Buy stops are seen up through Y100.75 and Y101.00. AUD/JPY leapt to Y82.90 from Y82.01 with stops now set just above the highs and again through Y83.00. Japanese investors are seen supporting any dips back towards Y82.00.
EasyForexNews Research Team