USD/JPY did little in Asia today with Tokyo seeing a very tight 117.80-99 range. Even news that the Democrats may have taken control of the US Senate in addition to the House of Representatives produced very few ripples. It seems some players had already discounted this possibility (although the exact tally has yet to be confirmed with the races in two US states so close that Democratic wins are still pending).
Offers in USD/JPY remain in the 118.00-10 zone though there is also talk of stops above 118.10. More offers are seen ahead of presumed, re-set option barriers at 118.50. Support below is seen in the 117.55-65 range, lows from yesterday. Stops are seen below here as well but more bids towards 117.00 and below from Japanese importers and investors. Some stops are seen mixed in below 117.00.
JPY crosses did see some selling, notably in NZD/JPY and AUD/JPY after weak employment data from both countries. GBP/JPY however remains bid ahead of the BoE MPC decision later today. EUR/JPY held just below 150.50 with talk still of large sovereign offers up to 150.60. Stops are still eyed above this level, 150.80 and 151.00.
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