Opened in asia at Y80.29 after NY highs of Y80.41 and after early highs of Y80.35 slipped back on cross sales to Y80.07. Bids from funds at Y80.00/10 halted further falls and the pair later settled around Y80.15. Offers remain in place ahead of a barrier at Y80.50 with some stops above. Stops are also noted on a break down of Y79.90 and Y79.50. EUR/JPY eased from Y106.45 tripping some light stops through Y106.20 to Y106.16. Stops are seen on a break of Y106.00 with offers Y106.50/60 and Y106.90/00. Stops are set on a break of Y107.00. AUD/JPY fell back from Y85.42 to Y84.98 as AUD/USD stops hunters took out a $1.0600 barrier but supposed large stops failed to materialize and a sharp short covering bounce ensued. The cross then recovering to Y85.38. GBP/JPY continues to lag the other crosses and has been weighed by cable that has yet to bounce following yesterday’s MPC minutes. The cross eased in Asia from Y125.87 to Y125.47. Shimbun reported that Japan may contribute $50bln to the IMF/Greek package, and BOJ’s Shirakawa reiterated that they would continue with powerful easing.
EasyForexNews Research Team