After the initial USDJPY and EURJPY selling seen earlier this morning, Yen crosses have now been sold across the board. AUDJPY has been forced lower with AUD back towards support and GBPJPY back 50 pips towards 149.40. There were many times last year when the first move in Tokyo was always the wrong move…. will 2010 be any different?
In any case, crosses will be under pressure this morning in Asia, with EURJPY back below support forcing EUR back below 1.4300. Look for 1.4270 support, under that and its back to the 200 day MA(1.4229) that we were talking about last week.
