AUTOREFRESH 
JPY crosses stay heavy- model funds selling
By Sean Lee || July 5, 2009 at 22:56 GMT
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AUD/JPY and GBP/JPY have borne the brunt of most of this morning’s selling. Next target might be EUR/JPY stops below 133.50. Remember that markets are very illiquid at this particular time and small flows can move prices quite a lot. Also, don’t forget my pet theory that the first move in Asia, particularly if it’s against the recent trend, is always 100% wrong. Let’s keep an eye on this one Blackday and we might pick up some cheap JPY crosses in early London!
I’ll hand over to Sam now for a few hours and see you later in the sssion.
Morning Sean and Sam, I must say it’s tempting to stay up a while longer and collect JPY but I’ve got to hit the sack otherwise I’ll end up nodding off later on. Last weeks close was 96.04 for USDJPY with 95.17 the previous week. EURJPY closed at 134.26 last week and 133.81 the previous week.
EUR/JPY did manage to get below 133.00 but there may be a bit more to come especially if GBP/JPY starts to run lower again. I heard that some bigger players have been getting out of GBP-cross positions; not too sure what’s leading to that.
Profit-taking maybe ? ; ) And the lack of getting above 160 clearly…