EUR/JPY led JPY-based pairs higher early in Asia with the cross trading up from the 157.35 level through stops above 157.70. A double top was seen in the 157.60-65 level last Thursday-Friday. Profit-takes and long liquidation pushed EUR/JPY lower later but support continued to be seen on dips towards the early low on the back of expectations of good demand tomorrow for Nomura's large EUR-denominated investment trust launch.
Some dealers eye the launch to be in excess of the reported Y210 bln, with some estimates as high as Y420 bln. With the break above last week's high, EUR/JPY see little in the way of major resistance till the 159.63 record high set on February 23. USD/JPY rose to 118.35/40 on the back of the initial EUR/JPY surge higher, trading back later towards the early low around 118.05.
NZD/JPY saw some light sales out of Tokyo, seen to be profit-takes on longs taken by the same Japanese securities house yesterday. It remained relatively bid however, just under 85.00. AUD/JPY also remained bid though offers are eyed from the same player ahead of 96.00. Bids are solid towards 95.00. GBP/JPY also remained bid.
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