Opened in Asia at Y83.69 and after an early low of Y83.65 headed up on investor and PRDC related demand on the Tokyo opening bell taking out a Y84.00 barrier and triggering stop loss buying to highs of Y84.19. Offers now lie at Y84.20 up to Y84.50 with bids seen down at Y83.70/80. EUR/JPY followed with a move through strong offers at Y109.50 to Y109.64 from early lows of Y109.00. Offers lie in wait towards the Feb 27 spike high of 109.95 and a barrier at Y110.00. AUD/JPY pushed up from Y87.37 to Y88.04 and faces offers from Y88.40/50. The JAMA (car makers association) stated that the recent up move in USD/JPY was helping but the yen had not yet become weak, and hoped the BOJ would take further steps to ease the strain on the car industry and reach favourable levels for production and other operations. GBP/JPY headed higher from Y131.08 to Y131.72.
EasyForexNews Research Team