A somewhat languid session for the yen complex this morning after Japanese dip buyers surfaced around Y80.30 in NY yesterday to lead a small recovery into the close at Y80.41. Asian saw some Tokyo fixing demand lift the pair from early lows of Y80.33 to Y80.55, with bids now trailing lower from Y80.35 down to Y80.00. Offers lie from Y80.55/60 up to the Ichimoku cloud top around Y80.80. EUR/JPY opened at Y105.68 after recovering in NY from lows of Y104.62 and eased back to Y105.48 from early fixing highs of Y105.73. AUD/JPY slipped to Y83.09 from Y83.35 as RBA minutes offered no new direction and pointed to a rate cut at the next meeting subject to next week’s CPI data. Talk of sell stops now in place on a break of Y83.00. GBP/JPY traded lower in a Y127.72-128.01 spread. Fin Min Azumi said Japan would provide $60 bln in loans to the IMF stating that Europe’s efforts to create a euro firewall had so far been insufficient .
EasyForexNews Research Team