Opened in Asia at Y81.60 after trading a Y81.40-73 range in NY and headed up in early trading this morning on local cross demand in AUD/JPY and EUR/JPY to highs of Y81.71 running into a raft of offers and easing back to Y81.55. Trading has been relatively thin ahead of the weekend G20 summit and French elections. AUD/JPY pushed up from Y84.26 to Y84.51 before backing off with AUD/USD to Y84.16. EUR/JPY was tightly rangebound through Y107.15-40 as was GBP/JPY through Y130.89-Y131.21. Fin Min Azumi said there was a good chance the IMF would achieve and maybe exceed its targeted/desired $400bln increase in firepower. IMF’s Shinohara called for more BOJ easing which the market now appears to have factored in on the April 27 meeting following recent comments from the Governor and deputy governors that they would introduce “powerful monetary easing” if necessary. Dollar has buy stops up through Y82.00 and Y82.25 with bids now seen towards Y81.40/50 and trailing down to Y81.20. EUR/JPY has buys stops up through Y107.50 and Y107.85 with bids at Y106.80 and Y106.50
EasyForexNews Research Team