USD/JPY experiences sideways movement as 119.00 caps gains. The pair has drifted into 118.70 on low volumes, with momentum waning ahead of the London close. Spot's failure to recapture 119.00 leaves the focus firmly on the downside. Some bids have reemerged towards 118.20 and the 118.00 handle is still expected to see good support amid a wall of commercial bids out of Asia at 117.95/00. Interbank players and small jobbing accounts are expected to limit the pace of any downturn ahead of 118.20.
EUR/JPY has also followed suit after clearing out a number of model funds and short-term position traders on the way up to 154.80. Prices also fall away, with standing offers sapping buyer ambition. The downside is expected to come back under pressure but the emergence of fresh Japanese investor demand may provide some resilience early next week.
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