Quiet trading leads to consolidation

USD/JPY opened the Asian session at 120.41 after topping out on Friday in the US on light profit taking on longs. The USD/JPY traded down to 120.32 in early trading before catching a bid out of Tokyo. EUR/JPY and AUD/JPY buying by Japanese investors underpinned the USD/JPY, as risk appetite in Asian was relatively buoyant as the Asian ex-Japan Equity Index moved over 1.0% higher and the Nikkei moved close to 0.50% higher. The EUR/JPY traded up to 146.99 at one stage and the USD/JPY traded up to 120.61 before topping out in quiet trading. The USD/JPY was trading around 120.50 heading into the afternoon session while the EUR/JPY settled around 146.80

EUR/USD The EUR/USD opened the Asian session at 1.2178 after slipping lower in NY on Friday in very quiet trading. The EUR/USD traded to 1.2168 in early Asia before getting a lift from EUR/JPY buying out of Tokyo that took the cross as high as 146.99 from the NY Friday close at 146.61. The EUR/USD traded up to 1.2194 before sellers ahead of 1.2200 discouraged attempts higher. The EUR/USD was trading around 1.2188 heading into the afternoon session while the EUR/JPY settled around 146.80.

AUD/USD The AUD/USD opened he Asian session at 0.8124 after a very quiet US session on Friday. The AUD/USD was under some pressure early in the Asian session when AUD/NZD traded to a fresh 9-year low at 1.0446. The AUD/USD traded down to 0.8110 before talk of decent option related buying between 0.8090/0.8100 discouraged attempts lower. The AUD/USD started to get a lift from AUD/JPY demand when Asian equity markets moved higher through the morning. The MSCI Asia ex-Japan Equity Index was up over 1.0% late in the morning and helped push the AUD/JPY up to 97.98 from the NY close at 97.64. The AUD/USD rose to 0.8137 and was trading around 0.8135 heading into the afternoon session

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