Forex News Traders

[Ataglance2]

05:00 GMT February 28th USD/JPY and JPY crosses look to be pulling in opposite directions with the former looking to continue to trade weak on broad USD weakness but the latter holding their own despite bouts of stock market and USD/JPY weakness. USD/JPY weakness does look to be working to help limit the upside in the JPY crosses but cross buoyancy helping to limit the USD/JPY fall. Which influence wins out remains to be seen. USD/JPY traded down to a low of 105.95 overnight and is holding just above in the low-106 area today. The range so far has been 106.20-51. Helping to support the downside are rumors of bids from quasi-official Japanese entities alongside US names, mostly taking profits on shorts. Stops are eyed below 105.90 however and further weakness could see presumed option barriers at 105.00 come into focus. EUR/JPY traded relatively buoyantly in Asia today, holding between 160.48-161.00 and eyeing EUR/USD moves for direction. The 161-handle looks to be shaping up as a profit-take level. This seems to be the case in AUD/JPY as well towards 100.50. It traded a 100.10- 48 range in Asia. NZD/JPY traded a 86.71-94 range.