Bids in the 117.60's in USD/JPY are keeping spot supported for the moment. Japanese banks all say are seeing USD/JPY well bid but trading continues to look anything but as spot struggles to overcome the supply trailing back to 117.80.
Above offers from exporters and various repatriation interest is seen into 118.00, back to 118.50 while stops are noted at 118.20 with more above 118.30. Against the Euro the Yen is also noting real money demand from real money accounts with EUR/JPY offers once more attempting to depress trading back to the 157.00 area.
Bids in the teens have offset any further weakness this far but with a medium-term cap in place at 157.50 and EUR/USD looking offered the downside in EUR/JPY should remain in focus into the European closes.
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