Opened in Asia at Y81.18 after lows in NY of Y80.97 and after edging to Y81.19 in early trade this morning, came under pressure from heavy cross sales in the EUR and AUD, as well as some sovereign supply. The move down tripping stops through Y80.95 to lows of Y80.86 with little sign so far of a bounce. Stops are now reportedly set on a break down through Y80.80 ahead of good bids at Y80.50, with exporters offers now capping from Y81.20. EUR/JPY fell back from Y106.83 to Y106.32, just ahead of stops placed at Y106.30, with more apparently placed on a break of Y106.00 and Y105.50. AUD/JPY was crunched by exceptionally poor Australian Q1 CPI data, the cross tanking from Y83.82, tripping some large stops through Y83.00, to lows of Y82.87 just ahead of some strong technical support at Y82.85 which holds the 100 day MA. GBP/JPY tracked the USD/JPY lower to Y130.34 from Y130.98.
EasyForexNews Research Team