Opened in Asia at Y76.60 just off the highs seen in NY of Y76.73 seen following the strong NFP release on Friday and higher US yields. After an initial dip to Y76.50 this morning on EUR/JPY sales as the Greek debt deal continues to be delayed, the pair then picked up again through Friday’s high, taking out some stops at Y76.75 to Y76.80 before hitting some profit taking from short term players. Stops are now seen just above the recent high and again through Y77.00 and Y77.15 (through the 100 day MA at 77.14). Bids are now placed from Y76.50 and run down towards Y76.00/20 with stops below and through Y75.80. EUR/JPY recovered from a fall to Y100.18 from Y100.57 settling around Y100.50 but still has a gap to fill from the NY close of Y100.79. AUD/JPY fell back from $82.49 to Y82.01 on weaker aussie retail sales data before recovering to Y82.35. GBP/JPY opened at Y121.22 and slipped to Y120.82 before a recovery with USD/JPY to Y121.17. BOJ Governor Shirakawa defended his policies after coming under scrutiny from MP’s that the BOJ wasn’t doing enough to tackle deflation or spur growth.
EasyForexNews Research Team