Yen Outlook
04:40 GMT March 21st USD/JPY and JPY crosses were more buoyant today with Japanese importers better at the Tokyo fix today and with commodity market weakness generally continuing to put a bid under USD against many other pairs. A more buoyant stock market here in Japan and abroad also looks to be buoying the JPY crosses which took a big beating this week. EUR/JPY has bounced significantly off lows seen yesterday and have other JPY crosses. At writing, the Nikkei is up 1%. The DJIA closed trading yesterday up 2.16%.
USD/JPY traded quietly in a 99.00-67 range today, rising into the fix. With no other major markets open, many are sidelined and flows were mostly related to settlements at the Tokyo fix. The pair does remain buoyant however, suggesting shorts look to cover and importers ready to buy on dips towards 99.00 and towards the spike low yesterday in London of 98.45. Offering interest remains strong from the 99.65-80 area with more trailing up to 100.25. Stops are eyed above 100.25. EUR/JPY traded similarly between 153.03-69, GBP/JPY 196.70-197.75, AUD/JPY 89.16-83 and NZD/JPY 78.40-88.
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