Forex News Traders

[Ataglance2]

02:01 USD/JPY: Nukaga Comments Lame, Bias Firmly Down But Bids Below Tokyo, March 3. Dealers seen comments from Japan FinMin Nukaga to have been extremely lame with no warnings over recent JPY surges and that comments on FX levels were inappropriate. USD/JPY looks to remain under pressure as a result. That said, bidding interest below 103.00 looks to be heavy as witnessed on the break earlier below 103.00. A low of 102.90/95 was seen then and the pair immediately bounced. Standing bids are seen below, especially at 102.85, 102.65, 102.50, 102.25 and 102.00. Some light stops are seen mixed in below 102.90, just below the session low. Bidding interest is reported to have been strong all the way down with rumors of Japanese quasi-governmental entities tipped to be buying all the way down after stops below 103.70 were tripped. This demand could continue but may not be enough to limited further USD/JPY losses with the USD bias likely to remain down and many dealers now eyeing a possible test of 100 in USD/JPY. The pair currently trades 103.08/09 with dealers still extremely jittery.