Intraday Analysis from FXMarketAlerts.com
Receive FREE Weekly Strategies.Published at 01:35 (GMT) 02 Aug
USD/JPY fixing at 77.47, USD/JPY dipping to 77.36-37 - market cautious of any BoJ/MoF Intervention after fixing - after series of MoF Noda comments and also NKS piece. MoF Yoshihiko Noda says communicating closely with BoJ and other countries on JPY rise. Current JPY not reflecting economic fundamentals and watching FX moves especially carefully TODAY. Will not comment on whether current JPY at range that warrants intervention. Chief Sec Cabinet Yukio Edano says no comment on FX intervention, watching USD weakness with strong interest. On FX, USD/JPY offers at 77.80-00, offers 78.40-50/ 79.00 as market look for intervention rallies to sell. EUR/JPY at 110.45-50, offers 111.40-50. WL
Source: http://www.fxstreet.com/technical/market-view/fxmarketalerts/2011-08-02.v03.html
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