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Earlier on this morning USD/JPY moved under 104.60 (around 104.56 ... this was in very, very early trade as New Zealand markets got underway)
- Stop loss selling under Friday's low (circa 104.64) were behind the quick dip
Since then we've had it on the up, AUD/JPY buyers seen (Japan names), taking USD/JPY to just above 105
Some of the chatter about the place today:
- despite the firmer tone this morning, Japanese analysts still ,see under 104 as target
- 103.60 cited by one securities broker analyst in Tokyo ... on trade concerns and in spite of prospects of FOMC hikes to come
- On JGBs - bid tone expected, helped by rising yen and falling equity mkts (especially in US) ... but wary of resistance towards zero yield
