USD/JPY is underpinned ahead of the 115.00 handle, buoyed by good interest for EUR/JPY. The cross was bought up after ECB Chief Trichet said that monetary policy was accommodative and interest rates were low. EUR/JPY has struggled to overcome the 153.20 level and the Euro has lost some of its shine after the downgrade in Eurozone CPI.
Real money selling in EUR/JPY has featured from 153.00 throughout the session after reports of good fund interest via a Japanese securities house through both GBP/JPY and EUR/JPY. USD/JPY is struggling to break away from the shackles of the cross, with choppy post-ECB price action influencing the dollar majors. EUR/USD's dip back into 1.3280 may help USD/JPY but price action is not indicating much beyond consolidation today.
Strikes at 115.00 should ensure that we respect the familiar trading range, which will see players begin to look ahead to tomorrow's US NFP data. Offers remain at 115.45/50 and 115.60, with stops above at 115.65. Bids remain at 114.75/80, with custodial name being touted.
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