Asian afternoon trading has continued to see the market buying JPY against the USD and the crosses with the AUD/JPY now back below 68.00 and the EUR/JPY trading at 130.30, just above its low for the day at 129.92. As i mentioned earlier, the 67.30 level should again be important for the AUD/JPY and while we remain above this level we should continue to retest the highs.
The USD/JPY has struggled to recapture the 99.00 level since lunch and now looks like testing the lows set just after the Tankan release around 98.20. A move back below the 98.20 level would open the way for another test of the 96.00/50 region.
