Intra-Day Market Moving New and Views USD/JPY

Intra-Day Market Moving News and Views

27 Oct 2014 08:21GMT

USD/JPY - ....... Despite initial gap-up open to a 2-week high of 108.37 in Aust. (NZ was closed for Labour Day holiday today), dlr's broad-based weakness in Asian morning pressured the pair to 107.86 b4 a recovery was seen ahead of European open.

As 108.09 has capped dlr's intra-day recovery, consolidation with nr term downside bias is in store. Dlr is likely to track intra-day swings in the Nikkei futures during European morning ahead of release of U.S. eco. data later in the day, these include U.S. services PMI, pending home sales and Dalla Fed mfg business index.

Offers are noted at 108.10/20 n more above with stops reported above 108.40, however, more offers are tipped at 108.55/65.
Initial bids are noted at 107.85-80 with stops below 107.75.

According to a poll published from Yomiuri on Sunday, public approval of PM Shinzo Abe's gov't slumped after the resignation of two high-profile cabinet ministers last week, adding more pressure on Abe as he struggles to turn around the Japanese economy.
Japan's biggest daily the Yomiuri surveyed 1,059 people by telephone on Fri n Sat n found support for Abe's gov't had fallen to 53% fm 62% in less than a month. Of those surveyed, 37% said they disapproved of the gov't, up fm a 30% disapproval rating in a previous poll on Oct 10.
In the biggest setback since he took office in December 2012, Abe lost two cabinet ministers on one day last week, complicating tough decisions on key policies, including whether to proceed with an unpopular sales tax hike n restarts of nuclear reactors shut down after the 2011 Fukushima disaster.