Opened in Asia at Y82.46 after a fall to Y82.09 in Europe on the back of EUR/JPY and AUD/JPY sales following a weak Spanish auction and comments from ECB’s Draghi, but recovered in the NY session towards the London Fix tripping stops through Y82.50 to highs of Y82.68. The pair then fell back into the close and Asia has seen further slippage this morning to Y82.12 following scant demand in the Tokyo fixing. Importer bids are currently in place ahead of Y82.00 where stops are placed on a break. Bids lie below layered down to Y81.50. EUR/JPY remains on a heavy tone in somewhat thin trading ahead of the long weekend, easing from Y108.41 to Y108.02 but has so far stopped short of sell orders on a break of Y108.00. AUD/JPY fell from early highs of Y84.81 to Y84.36 before recovering to Y84.76. GBP/JPY tracked the dollar lower from Y131.16 to Y130.60. Japan’s Fin Min Azumi stated that US views on FX would not have any effect on Japanese policy and HSBC China services PMI came in at 53.3, down slightly from February’s 53.9 reading.
EasyForexNews Research Team