Opened in Asia at Y83.55 after falling to lows of Y83.20 in NY as US treasuries rallied and profit taking was seen from macro funds off the early highs of Y84.19. Exporters waded in from the opening bell in Asia today, selling the pair down from early highs of Y83.63 to Y83.36. A bounce into the Tokyo fix stalled into offers in the Y83.55/60 area and the USD slid in orderly fashion to Y83.27 before settling around Y83.50. A similar story for the EUR/JPY with macro funds and exporters both selling, pushing the cross from Y109.39 to Y109.01 before a bounce to Y109.33. AUD/JPY dropped to Y87.67 from Y88.01, but later recovered to Y88.00. Fin Min Azumi remains vigilante of FX and stock movements and the BOJ minutes stated that The MOF wants to see a continuation of BOJ’s recent actions, highlighting fears to Japan’s economy due to the ongoing yen strength. USD/JPY offers start from Y83.60 and are layered up to Y84.00. Bids sit down at Y83.00/10 with stops just below. EUR/JPY bids are in place at Y109.00/10 and offers start from Y109.35/40 and Y109.60/65.
EasyForexNews Research Team