Opened at Y80.84 on a bid tone following yesterday’s strong rally in the NY session on the back of soaring equities and IMF’s upgraded global growth forecasts. Early buying from the outset in Asia this morning from Japanese names led the whole yen complex higher with the dollar pushing through Y81.00 with ease triggering stops through the Ichimoku cloud top around Y81.23 to highs of Y81.44. Stops are now eyed through Y81.50 ahead of technical resistance Y81.75/80 and more stops up through Y82.00. EUR/JPY and GBP/JPY powered higher from lows of Y106.10 and Y128.73 to Y106.89 and Y129.54 respectively. EUR/JPY offers seen into Y107.00/10 and GBP/JPY into Y130.10/20. AUD/JPY leapt from Y83.98 to Y84.73, before encountering large offers reportedly set from Y84.80 up to Y85.00. Talk of Y800 bln of Toushins to be auctioned by Nomura tomorrow. Former BOJ board member Mizuno said the BOJ confuses investors with its policy shifts, and Dep BOJ Gov Nishimura stated additional BOJ measures would be taken if needed, and that Japan was likely to resume a moderate recovery.
EasyForexNews Research Team