Looks like it should be a rangey, quiet session in Asia
USD/JPY ran into decent selling interest yesterday near 107.35, which is unsurprising given that it had rallied 200 pips off last week’s lows. The other main Yen crosses have basically held onto their gains as the USD weakened moderately across the board. The GPIF news from the weekend is still very relevant for the Yen and I expect to see some short term JPY weakness continue.
- USD/JPY: Might be worth buying intraday near reported bids at 106.70ish with a fairly tight stop?
- AUD/JPY: I still like the look of this pair but it will probably struggle to break above 94.50 on the first try at least.
- AUD/USD: I’d suggest .8735/.8825 as the range parameters with a mild bullish bias.