USD/JPY - 90.38.. Although intra-day unwinding in yen carry trades caused by release of higher-than-expected China CPI figure spooked investors on possible further tightening by PBOC, reported bids at 90.20-00 contained dlr weakness n price has staged a minor bounce fm 90.20. Dlr is sidelined ahead of European opening n offers are plentiful at 90.60-80 area. Range-trading is the way to go in Europe but renewed weakness in yen crosses suggests buying dlr on dips is preferred.
Join the Discussion