Tokyo markets return and the Golden week holiday appears to have improved sentiment to the embattled Yen and Japanese markets generally. USD/JPY has slipped from early Asian highs around 120.15 to 119.80-85. A short squeeze into the Asian close provided Europe with better selling levels and a drop from 120.00 to 119.80 witnessed.
Exporters, who were active, right through last week's holiday period, have again dominated the sell side with offers touted from 120.00 through 120.20. Sources suggest there is a degree of bid chasing helping to shape the early European offered tone with orders being left closer and closer to market. Option related selling also a factor at play so far this session.
On the buy side the main bids are reportedly camped close to 119.50. The smaller interest between 119.70 and 119.90 are mixed in with stops and as such the likelihood is that tighter price action will bring about a bout of consolidation through to the North American open.
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