USD/JPY - 88.85.. Despite falling to a 1-month low of 88.47 shortly after Tokyo opening, dlr edged higher on bargain hunting by Japanese importers n short-covering. Dlr is getting a bit of a respite today as regional bourses remain steady in Asia n st spec sold the yen vs other currencies, however, offers reported at 88.90-00 shud cap intra-day recovery n dlr is likely to drift lower in Europe. A mixture of bids n stops is reported at 88.50-30 region shud prevent steep fall today, we reckon today is the day to cover shorts on next decline.
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