USD/JPY was little changed in Asian trade, sitting around Y79.79, having been unable to hold the early gains that took the pair to just below Y79.98. The pair bounced on a solid Tankan survey. Offers were seen initially at Y80.00/05 and Y80.30, with further offers at Y80.50/60. Bids are reported below at Y79.45/50., with stops noted below at Y79.10/15. Again, further downside is likely seen protected by ongoing expectations of intervention from Japanese authorities, whether implicit or explicit. EUR/JPY was higher from the off, but pared losses after the Tokyo fix as the stronger Tankan and weaker euro combined. Bids noted at Y100.25/30, with offers above at Y101.05/10 and Y101.50.
EasyForexNews Research Team