03:03 EUR/JPY: Very Heavy, China News, Eyeing Break Below Sep 10 Low Tokyo, January 21. EUR/JPY continues to trade heavy, holding near session lows at 155.35/39 at writing. The cross has been as low as 155.25/30. The bias remains down here with stock market weakness and news of losses at major Chinese banks on exposure to US subprime loans. The Bank of China, the Industrial and Commercial Bank of China and China Construction Bank all face heavy charges on their exposure, and the thinking is that this may be only the tip of the iceberg. ICBC is reported to have already book some CNY3 bln in charges at end- "07 and China Construction Bank a similar sum. An US investment bank has been a major seller of EUR/JPY during the course of early Asian trading, and any rallies towards the session high just above 156 will likely see more sales. Key support below is eyed at 155.15, the spike low on September 10, "07. A break below this level and 155.00 should see considerable stops tripped. Stock market weakness should also help to pressure EUR/JPY lower. The Nikkei closed out morning TSE trading at 13,395.28, down 466.01 points or 3.36%.
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