Intra-Day Market Moving New and Views USD/JPY

Intra-Day Market Moving New and Views 

29 Jul 2014   05:35GMT

USD/JPY - .... The pair flirts with 102.00 level ahead of European open after penetrating Fri's 2-week high of 101.94 as intra-day gain in the Nikkei to a fresh 6-month peak of 15632 triggered broad-based selling of yen. Present dlr's across-the-board strength vs G7 currencies also provides further sup to the dlr to head higher.

At present, offers at 101.95/05 are being absorbed, some stops are touted above there, however, more selling interest is noted at 102.25/35 which is likely to cap intra-day gain. For now, buying dlr on dips is still favoured n bids have been raised to 101.85/75 with stops below 101.60.

29 Jul 2014     01:33GMT
Statement from BoJ's broad member Koji Ishida quote:
'Japan's economy continues to recover moderately;
exports continue to move sideways, lacking momentum;
structural factors, such as shift of Japan firms' production overseas, may be partly behind soft exports;
capex expected to increase moderately as a trend;
next month's Q2 GDP data likely to show negative growth but economy's positive momentum seen intact;
effect of April sales tax hike likely to subside gradually;
labour market conditions likely hold key to whether household spending will remain firm;
want to scrutinise whether companies increasingly translate costs to consumers through higher prices;
environment surrounding exports to gradually improve as global growth pick up, tough uncertainty remains;
QQE exerting intended effects on markets, Japan's 10-year JGB yield remains at very low levels;
inappropriate to judge if BoJ's target by looking at core CPI alone, must take into account other data too to guage overall price trend.'