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Friday, December 01, 2006

USD/JPY: Steady In Early North American Trade

USD/JPY is steady early on in the North American session. The pair has edged away from the 116.38 high after failing to test offers/stops at 116.60. Focus for the US session will turn to the US ISM release, particularly after Chicago PMI surprised on the downside yesterday.

Good size 116.00 strikes are expected to restrict spot movement ahead of the release. Bid interest is seen around 115.85/90, with short-term players and option accounts noted. Importers and Japanese commercial interest remains at 115.55/60. Stops are noted through 115.30/35.

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