Repatriation flows are still the main driver of the JPY pairs during the Asian session. These seem to dry up overnight when other factors take control. USD/JPY has slipped 30 pips lower today and all of the JPY crosses are also lower, AUD/JPY by 65 pips and EUR/JPY by 50.

AUD/USD and AUD/JPY have been major disappointments to reflation traders today and both head into the close on an offered note. It could just be a case of too far too fast and prices need a period of consolidation.

The USD/JPY leg of the cross ran into heavy selling at the 90.50 area just ahead of the 16:00 GMT fix this morning and has been stuck in its tracks ever since. The Japanese authorities appear to have taken the downside out of play near-term but we may see a week or two of overhead supply to contend with as year-end flows are digested, until USD/JPY can move meaningfully higher.

AUD/USD is just the most loved currency on the planet and as such, has to shake out the longs ever so often to lighten its burden. A move below the 0.9030 area is probably needed to rattle the longs’ cage very much…

AUD/USD trades now at 0.9095 after reaching 0.9133 just after the open on Wall Street this morning.

AUD/JPY could be the big mover today. If the Japanese retail market decides that the Japanese government are going to put a base under USD/JPY then they may decide to buy back into the high yielding AUD/JPY. Important resistance is looming at 82.80 but a break back above there would certainly change the technical picture as well. Definitely one to watch.

AUD/USD and AUD/JPY have fallen back towards their session lows at .9020 and 79.75 respectively. Dealers say that interest remains very patchy.

EUR/USD down to 1.3920 amid talk of hedge fund selling of the EUR/JPY and AUD/JPY crosses. This isn’t the first time I’ve heard hedge fund selling EUR/JPY today.  It has to be said though that it’s not alot lower on the day, presently at 120.90 from around 121.10 five hours ago.

Looks like there’s some decent fixing demand for the JPY crosses with AUD/JPY leading the way despite the less than inspiring Australian economic data. EUR/JPY is above 121.50 and there is talk of stop-loss buy orders above 121.70/75.

Now the AUD/USD and AUD/JPY have started to fall at a slightly quicker pace, keeping up with the other crosses. Support for the AUD/USD should be firm around .8800, and we might see that level if the current mood continues into London trade. Yesterdays low was .8854.

The previous hourly high at 80.65/70 has now been breached, 80.77 the high so far. There is a 38.2% retracement level at 80.86 and a prior pivot and 61.8% at 81.60.

AUD/JPY is back up, again testing hourly resistance at 80.70. A clean break above there could see another sharp bout of short covering. Technical resistance should be solid around 81.60.

USD/JPY has slipped to 90.05 amid talk of heavy AUD/JPY selling.  One of the main sellers of the cross is the same US investment house earlier seen selling AUD/USD.  There the sell-off has extended to .8860. US custodial also seen selling AUD/USD.

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