Japanese exporters said to selling into the round number barrier of 110

Author: Eamonn Sheridan | Category: News

Some market chatter about of:

Japanese exports selling at and around 110, due to
  • psychological barrier
  • quarter end
  • fiscal year-end (in Japan)
TBH I'd be very wary of leaning on purported flows such as this. It might good for a short term, day, trade perhaps. And, its usually the case that big round numbers do provide at least some support/resistance (resistance in this case), but don't go betting the arm on 110 holding.

As a ps., if you are new to FX. Japanese exporters tend to receive USD for their exported goods. As they produce in Japan they have bills to pay in yen, hence Japanese exporters are persistent sellers of USD and buyers of yen (the in a nutshell explanation). 

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