Forex - JPY/KRW, USD/JPY Flows: Cross/JPY, Nikkei eye downside after 98.55 Fix, BoK eye JPY/KRW

Published at 01:44 (GMT) 06 Nov


JPY/KRW, USD/JPY Flows: Cross/JPY, Nikkei eye downside after 98.55 Fix, BoK eye JPY/KRW (HQWC6501)

USD/JPY Fixing set at 98.55.

Nikkei oscillating between +/-, now +0.02%. Nikkei seen vulnerable to downside again, after recent failures to trade above key 15,000 level again. Not surprised to see good amount of interest to sell Nikkei futures ahead of key 15,000, psychological level, almost 1 year into Abenomics euphoria/ effects.

Good to be cautious of any waning effects, as USD/JPY continues to struggle below 100 in recent sessions and Nikkei below 15,000. Nikkie -0.04% or -5.31pts now at 14,220.06. Up from morning lows of 14,130.86. Both Nikkei and Cross/JPY vulnerable to downside - stronger JPY to push Nikkei down. Lower Nikkei to see Cross/JPY sales. Eye China stocks - given some concerns over slowing growth, 7.2% GDP number to ensure employment as per Premier Li Keqiang, more next again.

USD/JPY stops below 98.30 level, offers 98.60-80. More bids 98.00-10. JPY/KRW remains below key 11.000 - level of concerns for Bank of Korea and MoF as well. Some focus on slightly frosty S Korea and Japan relations after S Korea President turns down possibility of Japan-S Korea Summit, between PM Shinzo Abe and herself. JPY/KRW at 10.79-80, key level 10.70/10.50, near the 5-year lows since 2008, 10.6651 on Sep 23 2008, USD/KRW at 1,062.7, not surprised to hear BoK, state bank, local names bids on dips to 1,060 to curb KRW rise vs USD, JPY. While shipbuilders, electronics giants, telcos likely to be selling on rallies to 1,070, given strong earnings, WL

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