The dollar-yen continues to be ignored by the markets in Asia as the run up to the Xmas holiday continues. The pair managed a paltry Y77.98-78.06 range, with the crosses showing only vague flashes of movement. Euro-yen opened at Y101.44 and traded little better through Y101.40-52. Sterling-yen built gently higher to Y121.12 from Y120.85 , with the only noticeable mover being the aussie-yen. More upbeat minutes from the RBA helped a rally from Y77.21 to Y77.56, before aussie-dollar ran into offers around $0.9940. The cross later settling around Y77.50.
MOF announced it was looking to bolster its intervention kitty to Y195 trln failed to move a frozen market, although some are still speculating the authorities could intervene in the exceptionally thin Xmas market. Little change on the order boards with offers up to Y78.30, stops above and through Y78.60, with bids layered from Y77.90 down to Y77.60. Euro-yen bids lie towards Y101.00 which may yet hold a barrier with some offers likely up at Y101.55/65
EasyForexNews Research Team