USD/JPY Fixing set at 78.58. USD/JPY at 78.55-60, in tight range so far, with focus on BoJ decision tomorrow after 2-day meeting. No further easing seen, given Fed refraining from QE3, though BoJ will stress that its monetary policy is independent from other central banks, including pressure from Japan government.
USD/JPY offers at 78.80-00, bids at 78.40-50, stops below 78.40. More bids at 78.00-10, talks of Japan lifers, importers, Kampo, stealth BoJ/MoF intervention. Huge stoploss below 77.90 - the 2-month lows. Firmer Nikkei, now 1.56%, giving Cross/JPY some support. NZD/JPY at 64.00 handle, off the 3-month highs around 64.50-55 seen yest, highest level since May 3 64.85. Markets seen a tad long NZD, NZD/Crosses, with Kiwi initially weighed on PM John Key comments on scope for RBNZ rate cut and high Kiwi hurt economy. Kiwi. NZD/JPY then rose, on broad based, EUR led, EUR/JPY, Cross/JPY buying, before coming off highs again. Focus now on downside, again, with stops below 63.50/ 63.00. Kiwi at 0.8145-48, off the 3-month highs of 0.8220 seen yest, highest since April 30 0.8234. Stops below 0.8120/0.8100. WL