After that aggressive move higher around the Tokyo fix that saw USD/JPY take out any barrier options that may have been protected at 100.00 before reaching a high of 100.18, we have backed off our highs in the USD/JPY and the JPY crosses, and it looks as though we could drift a little lower for the remainder of today’s Asian session.
A story in the NY times saying GM was considering bankruptcy may have been the catalyst for the pullback from the highs but i think this news is starting to get a little old and once again expect to see London and NY take the JPY crosses to new highs. Asian equity indices all remain on the positive side of the ledger today so far…