USD/JPY: Intra-Day news and views
|USD/JPY - 109.88.. Despite ticking higher to 110.03 shortly after Asian open (Tokyo market is closed for Respect for the Aged Day holiday), the pair inched lower due to intra-day safe-haven yen buying on weakness in Asian stocks (Dow futures currently down nearly 1% at 34266), suggesting range trading below Fri's 110.07 high would continue ahead of European open.
As the rally from last Wednesday's 4-week trough at 109.12 signals dlr's pullback from September's 110.44 peak has ended, up side bias remains for gain to 110.15, then re-test of said res later today due to broad-based usd's strength.
Order board is fairly thin with bids noted at 109.85-80 with stops below there while offers are tipped at 110.05/10 with stops above 110.20.
U.S. eco. calendar is very thin with 2nd-tier NAHB housing market index being the only data due out later today. Market is eagerly awaiting outcome of Wed's FOMC announcement and economic projections (dot plot.
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