USD unable to gain momentum

USD/JPY and the JPY complex traded soggy in Asia. Tokyo players were surprised over the lack of more USD upside Friday after US non-farm payrolls. With the market still long USD, USD/JPY fell more as Tokyo longs pared back positions after the long weekend in sync with the fall in the Nikkei. All JPY pairs recovered in the afternoon as the Nikkei pared losses seen earlier. USD/JPY traded down from 118.49 through bids ahead of 118.00. Stops below sent it down to 117.74 before the market steadied. A pop back up above 118.00 was seen in the afternoon. Heaviness remains above at 118.50 with the hourly Ichimoku kijun line at 118.53. The daily kijun and cloud top are at 118.28 and 118.52. Japanese importer and institutional investor bids are eyed on 117. EUR/JPY and GBP/JPY traded to fresh trend lows before bouncing with ranges of 139.45-140.19 and 178.68-179.67 seen and the bias in both still down. AUD/JPY and NZD/JPY still looked better on the charts, the former down to 96.01 before bouncing to 96.74 and the latter from 92.10 to 91.54 before bouncing. Good Japan current account and bank loan data, and MoF flow data had little impact.

EUR/USD opened in Asia at 1.1833 after a whippy US session where buyers returned on dips below 1.1800. Off to 1.1823 early on EUR/JPY sales after a very weak Nikkei open, EUR/USD bounced on broad USD sogginess to 1.1859 before steadying. EUR/USD looks to be in consolidation mode ahead of the ECB meeting on January 22 and the Greek election three days later. A base of sorts may be in the making ahead of 1.1850. Good offers are eyed however ahead of 1.1900.

GBP/USD edged up from an early low of 1.5158 to 1.5192 before easing back in thin Asian trading. EUR/GBP was stuck between 0.7799-0.7806 and in neutral gear.

USD/CHF fell back modestly from 1.0156 to 1.0127 before bouncing. EUR/CHF continued to do little, holding at 1.2009-10 and just above the SNB’s line in the sand.

AUD/USD opened in Asia at 0.8155 and fell to 0.8127 before rallying later to 0.8198. It has since eased back a bit from the high. Better than expected China trade data helped on the way up. As has been the recent wont, London could return on the offer side. AUD/NZD saw some bounce, recovering from 1.0471 back above 1.05 to 1.0516 with parity trades on hold for now.

USD/JPY and the JPY complex traded soggy in Asia. Tokyo players were surprised over the lack of more USD upside Friday after US non-farm payrolls. With the market still long USD, USD/JPY fell more as Tokyo longs pared back positions after the long weekend in sync with the fall in the Nikkei. All JPY pairs recovered in the afternoon as the Nikkei pared losses seen earlier. USD/JPY traded down from 118.49 through bids ahead of 118.00. Stops below sent it down to 117.74 before the market steadied. A pop back up above 118.00 was seen in the afternoon. Heaviness remains above at 118.50 with the hourly Ichimoku kijun line at 118.53. The daily kijun and cloud top are at 118.28 and 118.52. Japanese importer and institutional investor bids are eyed on 117. EUR/JPY and GBP/JPY traded to fresh trend lows before bouncing with ranges of 139.45-140.19 and 178.68-179.67 seen and the bias in both still down. AUD/JPY and NZD/JPY still looked better on the charts, the former down to 96.01 before bouncing to 96.74 and the latter from 92.10 to 91.54 before bouncing. Good Japan current account and bank loan data, and MoF flow data had little impact.

EUR/USD opened in Asia at 1.1833 after a whippy US session where buyers returned on dips below 1.1800. Off to 1.1823 early on EUR/JPY sales after a very weak Nikkei open, EUR/USD bounced on broad USD sogginess to 1.1859 before steadying. EUR/USD looks to be in consolidation mode ahead of the ECB meeting on January 22 and the Greek election three days later. A base of sorts may be in the making ahead of 1.1850. Good offers are eyed however ahead of 1.1900.

GBP/USD edged up from an early low of 1.5158 to 1.5192 before easing back in thin Asian trading. EUR/GBP was stuck between 0.7799-0.7806 and in neutral gear.

USD/CHF fell back modestly from 1.0156 to 1.0127 before bouncing. EUR/CHF continued to do little, holding at 1.2009-10 and just above the SNB’s line in the sand.

AUD/USD opened in Asia at 0.8155 and fell to 0.8127 before rallying later to 0.8198. It has since eased back a bit from the high. Better than expected China trade data helped on the way up. As has been the recent wont, London could return on the offer side. AUD/NZD saw some bounce, recovering from 1.0471 back above 1.05 to 1.0516 with parity trades on hold for now.

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