USD/JPY’s making some more progress this morning after being pinned back in Asia by a big round of cross sales. We’ve closed 2 consecutive days above the 200 day MA at 78.04 and so there’s cause for a little bit of optimism now for run up towards 80.00.
Model buyers and Japanese importers have been hoovering up the dollars this morning despite a steady out flow from exporters who have offers all the way up to 79.00
We’ve touched 78.82 just now and there are apparently some buy stops on a break of 79.00 . Above here expect some decent offers ahead of the 79.53/54 highs of Oct 31 2012
EUR/JPY tripped some sell stops down through 102.00 earlier but there are more set on a break down of 101.75. Offers sit up at 102.50/55 and 102.65/70 with major technical resistance up at 103.40/50