USD/JPY was trading just above session lows in late Tokyo trade Wednesday, as market players await the outcome of the Fed’s FOMC. With markets expecting a further easing from the Fed, possibly in the form of an extended “Twist” operation, the pair eased through the Tokyo session, also weighed by a lack of specific comments regarding the yen from G20. The pair was last at Y78.85, having traded a range of Y78.79 to Y79.12. Exporter offers are initially seen from Y79.30 and layered through to Y80.00. Bids and stops are mixed below around Y78.50/60. EUR/JPY was also lower, as the single currency was unable to hold gains seen in late NYC trade. The cross was last at Y99.90, having touched a best at Y100.50 in the Wellington hand-over session. Traders say euro moves awaiting further clarification of ESM/EFSF bond buying idea.
EasyForexNews Research Team