USD/JPY and JPY crosses have done little in Asia today with New Zealand, Australia, Hong Kong, Singapore and most if not all of Europe and the UK out for Good Friday. Hong Kong, Europe and the UK are out Monday as well for Easter Monday. With the US also looking at a half day and ahead of the key US non-farm payroll report for March tonight, the lack of action is not all that surprising.
USD/JPY edged up earlier from the 118.70 level to around 118.80 into and immediately following the Tokyo fix. Movement in the pair continues to be constrained by heavy offers above and good bidding interest below. Offers are seen from 119.00 and stretch up to 119.25 with more up to option barriers at 119.50. Stops are mixed in above 119.10, 119.25 and large above 119.50.
Bids are seen trailing down from 118.40-50 overnight lows to 118.00. Stops are mixed in below 118.40, 118.20 and larger below 118.00. EUR/JPY is also ranging after the spurt higher overnight to 159.44, holding between 159.30-50. Option barriers are tipped at 159.80 and 160.00. The record high set on February 23 was 159.63. Other JPY pairs are also better bid.
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