Opened in Asia at Y77.67 having finally broken out of shackles that had kept the pair around Y77.00 for so long. NY markets extended gains in Europe to highs of Y77.86, as the pair continue to see strong leveraged demand throughout the day, and the move buoyed by a WSJ article that reported Japan’s first trade deficit for over 30 years. The Tokyo fix this morning produced good 2 way flow and early sales were held to Y77.61, before heading higher through some Y77.90 stops to Y77.98. More stops are touted through Y78.00 and Y78.30 but the pair has since eased back to Y77.90. EUR/JPY built on the strong gains from yesterday opening at Y101.25 easing initially to Y101.14 before pushing up through stops above Y101.30 to Y101.56. Stops are now seen above through Y101.80 and Y102.00. AUD/JPY was ramped up following the somewhat confusing aussie CPI release; hitting brief lows of Y81.22 before soaring to Y82.09. GBP/JPY built on the rally from yesterday opening at Y121.36 and rising to Y121.80.
EasyForexNews Research Team