Opened in Asia this morning at Y82.35 from Friday lows of Y81.97 in NY on Friday, and after early lows of Y82.33 has built steadily higher in from Y82.33 to Y82.78 amid further Toshin issuance talk. Walls of offers from Y82.80 up towards Y83.00 have so far stalled the move with a break through Y83.00 now seen rekindling the recent upside momentum. Bids are seen down at Y82.20/30 with stops on a break. EUR/JPY picked up from Y109.32 to Y109.85 on weekend comments in Der Spiegel that Germany may relax its resistance to an ESM/EFSF firewall increase, before later steadying around Y109.65. Large offers lie ahead of Y110.00, with bids in place around Y109.30/35. AUD/JPY extended Friday’s recovery from lows of Y85.18 in NY, opening at Y86.25 and rising to Y86.73 on the Toshin talk and Swiss buying in AUD/USD, before settling around Y86.50. GBP/JPY was dragged higher by the USD/JPY to Y131.38 from Y130.75 despite a slight ease in cable, and held steady around Y131.20 for the remainder of the session.
EasyForexNews Research Team