Dollar opened in Asia at Y76.77 after NY highs of Y76.97 and as with yesterday continued to grind its way higher through exporter supply after an early low of Y76.75, taking out the NY high and some light stops through Y77.00, to Y77.10. Exporter offers resurfaced at the highs, but further stops are now cited above Y77.15 ahead of the next tranche of exporter offers seen at Y77.40/50. The Nikkei breaking up through 9000 helping to underpin the move. EUR/JPY added gains to yesterday’s NY high of Y101.99 trading up from early lows of Y101.67 through some Y102.00 stops to Y102.11. Further stops are now touted through Y102.25 and Y102.90/00, with bids Y101.50/60 likely to cover any slippage. AUD/JPY pulled up from Y82.85 to Y83.22 but ran out of steam as AUD/JPY felt the weight of EUR/AUD buying. GBP/JPY tracked the USD/JPY move higher with a steady climb to Y122.54 from Y121.98.
EasyForexNews Research Team