Opened at Y79.74 in Asia and after an early low of Y79.68 headed higher on cross demand particularly on euro and AUD/JPY buying which has steadily taken out a raft of offers and finally flushed the Y80.00 barrier tripping stops to a high of Y80.07. There are further offers lying ahead of Y80.50 which likely holds a barrier and further buy stops are set for a break of the level. Bids start from Y79.70 and are seen strong down to Y79.50. EUR/JPY opened at Y105.53 and after early lows of Y105.44 headed higher to 105.90, but looks to find some stronger resistance towards yesterday’s highs of Y106.01 and much larger resistance at the 200 day MA up at Y107.20. AUD/JPY opened at Y85.02 and after a move to Y85,24 on early Tokyo demand fell back on AUD/USD macros sales to Y84.72. Stronger HSBC China PMI data then led a bounce back together with a firming AUD/JPY to Y85.31. Offers are seen towards Y85.70/75 and Monday’s high of Y86.36. GBP/JPY was hauled up from Y125.72 to Y126.37.
EasyForexNews Research Team