Opened in Asia at Y81.32 after a recovery yesterday from lows in NY of Y81.01. The pair headed higher as the Nikkei pushed up over 1% in early trading on the back of rises in US stocks and strong Apple earnings but the move stalled into offers above Y81.50 from exporters, models and macro funds with a day’s high of Y81.56. EUR/JPY was subsequently dragged up to Y107.65 from Y107.28, before settling around Y107.50. AUD/JPY built higher extending the strong recovery from yesterday’s lows of Y82.87; opening at Y83.87 and running up to Y84.24 before easing back around Y84.00. USD offers remain from Y81.50/60 with stops above and more through Y81.75. Bids are seen down at Y81.00/10 with stops below and again through Y80.80. EUR/JPY stops are set on a break down of Y107.00 and up through Y107.80 and Y108.00. AUD/JPY offers lie at Y84.30/50, with some bids down at Y83.50/60. Nikkei reports 9 major life insurers are to raise JGB holdings by Y3 trillion in FY2012.
EasyForexNews Research Team