Japanese support continues to limit price action, with spot hovering around 115.70 after recording a 115.59 session low. US traders returning from their Thanksgiving holiday have been forced to sell the dollar, with spot trading below key levels.
Decent Japanese bid interest has soaked up the steady dollar supply, with importers, retail investors and option accounts noted. There have been a few rumours of quasi-official interest like there was in yesterday's session as spot ran into support on dips. Japanese names have been notable but there is little evidence to suggest an official presence.
The near-term picture suggests further downside but oversold hourly studies, along with technical support at 115.55 should add to the supportive tone. Offers are expected to come in between 116.00 and the 116.20 200-day moving average.
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