USD/JPY extends higher, EUR/USD at fresh 11-year low

USD/JPY extended higher in the Asian session today. Buying continued as high US yields helped. From 121.14, the pair rallied to as high as 122.04 before easing back. The retracement has been shallow with bids returning around 121.70. The bias remains to the upside with scope to target 124.14, the high on June 22, 2007. EUR/JPY attempted to rally, up from just above 131.50 to 131.87 but fell back to 131.49 later with sentiment still extremely bearish.

EUR/USD continued lower in Asia to fresh 11-year lows, off from an early high of 1.0855 to 1.0785 before steadying. More downside is eyed with sentiment decidedly bearish and focus will on the ECB’s QE program which was launched yesterday.

GBP/USD moved lower from 1.5129 to 1.5071 in Asia in tandem with EUR/USD. EUR/GBP remained on the back foot, off from 0.7179 to a fresh trend low of 0.7155 and levels not seen since December ‘07.

USD/CHF rallied from 0.9860 to 0.9915 before easing back in sympathy with USD/JPY. EUR/CHF see-sawed between 1.0678-1.0705.

AUD/USD opened in Asia at 0.7702 and traded sideways into the Asian session open. A broadly stronger USD weighed on the AUD/USD which eased down from 0.7707 to 0.7630.
NZD/USD closed in New York at 0.7353. Asia saw it down from 0.7358 to 0.7278 on continuing USD strength and news of a trading halt to Fonterra securities.

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Source:: USD/JPY extends higher, EUR/USD at fresh 11-year low

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