The JPY is trading lower across the board in Asian trade Friday, as its safe-haven status slips – at least for now. USD/JPY was trading at a session high Y80.44 late in the day, having bounced sharply off the low at Y80.01 after the Tokyo fix and then triggering stops on a break above the 5-week high at Y80.34. Traders said hot money accounts, including hedge funds, were at the fore of yen selling, as Japan fiscal woes are again in the headlines. Offers are seen initially at Y80.50 and then layered to Y81.00. EUR/JPY mirrored the move seen in USD/JPY, with the pair last at a session high Y100.98. Traders note minor offers at Y101.00, although offering little in the way of resistance, with stops at Y101.10.
EasyForexNews Research Team