The USD/JPY trading a Y76.73-85 range after opening the session at Y76.76. Downside pressure still remains for the dollar as EUR/JPY rallies continue to attract sellers above Y98.50, but stops are noted through Y98.60 and Y98.85 with large offers said to lie at Y99.00. EUR/JPY support is noted down at Y97.75/80. Dollar bids remain in place and are reportedly very large, with layered demand seen from Y76.70 down to semi-official bids ahead of Y76.50. Talk of some large stops also placed on a break down of Y76.45. Offers from exporters towards Y77.00 continue to mop up any rally attempts. Aussie-yen eased from early highs of Y79.41 to Y79.12, ahead of suggested strong retail bids at Y79.00. GBP/JPY was a non-event drifting through Y117.67 and Y117.86. Japan’s PM Noda reshuffled his cabinet but Azumi remains as the Finance Minister.
EasyForexNews Research Team