A look north and south by the late Asian market but both times the Dollar pulled back to the middle of the 117.50 to 117.80 range. It took fresh input from Europe and late Tokyo position adjusting to fire up the bear engine once more.
USD/JPY has fallen to 117.42 and has a 117.25-30 look about it as the Dollar struggles across the board. The market continues to pick over the US mid-term election results but with policy changes not on the agenda the impact on the Dollar this session is likely to be fleeting. The hawkish stance adopted by the BOJ and the Yellen asset warning is still fresh in the market's mind and as such the Dollar will remain soft.
Option barriers are now equidistance from market at 116.50 and 118.50; bids are touted at 117.40-50 and then larger importer bids in the 117.00-10 area. Stops are rumoured below 117.00 from short-term players and to the topside the larger sellers are reportedly camped in the 117.80-00 area. There is a view in the Tokyo market that players are happy to trade a 116.50- 118.50 range near term.
No comments:
Post a Comment