Opened in Asia at Y77.66 after highs in NY of Y77.73 and headed higher on some early importer demand to Y77.75 before exporters pushed the pair back to Y77.51. The pair has since settled around Y77.60/65. EUR/JPY opened at Y103.19 after NY highs of Y103.29 and eased down with the EUR/USD to Y102.91, but continues to hold above the Y102.87 100 day MA. Stops are now seen below Y102.80 and Y102.50. AUD/JPY came under the hammer from the open as the EUR/AUD rally from Tuesday’s all time low continues to gather strength. The pair fell sharply from early highs of Y83.83 to Y83.11 at the time of writing. The move was additionally weighed by poor Chinese import/export data. USD has offers at Y77.70/80 and Y78.00. Bids lie at Y77.20/30 with stops below and again through Y77.00. GBP/JPY tracked the EUR/JPY with a fall to Y122.55 from Y122.92. Fin Min Azumi confused markets with comments that Japan needed to seek cooperation from other countries in FX intervention, but then added that he wouldn’t hesitate to conduct solo intervention.
EasyForexNews Research Team