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30 May 2014
Asia Recap: Yen higher on solid Japanese inflation
FXStreet (Bali) - Both the Yen and the Australian Dollar found a consistent bidding tone during the Asian session, with the US Dollar the main laggard.
AUD/USD opened the session at 0.9305 after finding in 0.9275 an excellent area of support in late US trading. Once Tokyo came online, after a brief drive to retest 0.93, the smart money showed up to push the price all the way to 0.325/30, critical confluent area where the 61.8 fib from both .9410-.9210 and .9740-.8660 bear legs converge.
USD/JPY saw a steady decline in Tokyo, with a steady CPI report out of Japan resulting in growing talk of lesser chances of further easing by the BoJ in the foreseeable future. The pair touched its lowest at 101.50, with talk doing the rounds that bids at 101.40 have been pulled, with stops below 101.00 increasing in size.
NZD/USD corrected higher regaining the 0.85 handle and it now looks like it may be headed to retest the ascending trendline broken last May 28, which comes around 0.8530/35. The rest of G10 currencies traded in a quiet note ahead of Europe.
Main headlines in Asia
Japan: Inflation steady, household spending drops
New Zealand Building Permits s.a. (MoM) declined to 1.5% in April from previous 8.3%
Growing number of EU firms in China believe 'golden age' over
AUD/USD opened the session at 0.9305 after finding in 0.9275 an excellent area of support in late US trading. Once Tokyo came online, after a brief drive to retest 0.93, the smart money showed up to push the price all the way to 0.325/30, critical confluent area where the 61.8 fib from both .9410-.9210 and .9740-.8660 bear legs converge.
USD/JPY saw a steady decline in Tokyo, with a steady CPI report out of Japan resulting in growing talk of lesser chances of further easing by the BoJ in the foreseeable future. The pair touched its lowest at 101.50, with talk doing the rounds that bids at 101.40 have been pulled, with stops below 101.00 increasing in size.
NZD/USD corrected higher regaining the 0.85 handle and it now looks like it may be headed to retest the ascending trendline broken last May 28, which comes around 0.8530/35. The rest of G10 currencies traded in a quiet note ahead of Europe.
Main headlines in Asia
Japan: Inflation steady, household spending drops
New Zealand Building Permits s.a. (MoM) declined to 1.5% in April from previous 8.3%
Growing number of EU firms in China believe 'golden age' over