Early fixing demand and buying from importers and a soaring Nikkei 225 drove the pair up to 84.44 in Asia before running into good supply from exporters, US funds, option and Swiss related names. Market remains bid on the back of expectations of further easing from the BOJ after 2 day meeting concludes tomorrow.
A break of 84.50 is likely to trigger some buy stops but the bigger offers lie in wait ahead of the 85.00 barrier. Large buy stops are seen on a break. Bids currently sit down at 84.00/10 with more at 83.70/90, and sell stops seen on a break of 83.70.
USD’s presently around 84.30
