AUTOREFRESH 
EUR/JPY moves make sense according to order books
By Sean Lee || July 13, 2009 at 21:50 GMT
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EUR/JPY has been particularly whippy of late intraday, often posting 250 pip moves and that is without the multiple gyrations that happen within the range. Nevertheless, dealers say that the range edges are becoming clearer, dictated to by order books. Model and momentum funds which were heavy sellers in the mid-130s are now on the bid looking to book profits. Most of these bids were between 127/128.50 which explains the recent lows. Longer term macro accounts which had been hoping for another big rally into the 140s are starting to reduce their long exposure. These offers start close to 130 and get heavier on the approach to 132. The noise in the middle is intraday traders fighting for 50/75 pips.
Have a dry weekend all 
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