Another limp session for USD/JPY traders in Asia after the pair recovered from NY lows of Y77.71. The USD opened this morning at Y77.88 and failed to break above Y77.90 before heading lower again. The move was somewhat cushioned by EUR/USD real money demand which pulled EUR/JPY up to Y102.20 from Y101.79 encouraging some short covering from NY lows of Y101.62. Later cross sales then took the dollar back down to Y77.76 as the euro-yen eased back to Y101.96. AUD/JPY added to yesterday’s strong rally pushing through the NY highs of Y78.49 with another leg up to Y78.87 as AUD/USD hit buy stops through $1.0120 to $1.0144. GBP/JPY slipped from early highs of Y122.10 to Y121.84. USD/JPY bids are seen from Y77.70 down to Y77.50 with offers ahead of Y78.00 and layered higher. Stops are mixed in above and expected above Y78.15 with more through Y78.30 and Y78.60. EUR/JPY offers are seen towards Y102.20 with bids down at Y101.60/65 and Y101.35/40.
EasyForexNews Research Team