USD/JPY extends to freash 7-year high

USD/JPY was bid from the Asia get-go with specs looking to take out presumed option barriers at 119.00. The effort took a bit longer than expected however with offers solid ahead. 119.00 finally broke and 119.03 was seen before fresh offers pushed it back down. Stops above 119.00 were absorbed by longs locking in profits and a smattering of Japanese exporter offers. It dipped back to 118.79 before bids returned. The early low was 118.60. EUR/JPY traded up alongside USD/JPY from 147.78 to 148.06 before also easing back. Players here seem to lack the same conviction of eventual moves higher. GBP/JPY see-sawed between 185.31-84, just below its trend high of 186.12 on November 20. AUD/JPY remained on the back foot, off from 100.95 to 100.08, continuing its push down from 101.35 in holiday-thinned New York trading Friday. NZD/JPY traded 92.47-93.04, also off from its Friday outlier high of 93.24.

EUR/USD opened in Asia at 1.2451 and moved up to 1.2474 early Asia on EUR/CHF short covering Sunday gold referendum results. The cross rallied from 1.2018 at the New York close Friday and 1.2030 early to 1.2042 before demand subsided. EUR/USD was later dragged down as gold plunged and USD went broadly bid. A low of 1.2428 was before it bounced. Despite the to-fro action seen in Asia, EUR/USD is likely to consolidate ahead of more risk events this week including the ECB policy announcement Thursday and US non-farm payrolls Friday. Bids are eyed ahead of 1.2425 whilst sellers are camped ahead of 1.2500.

GBP/USD fell back from an early high of 1.5659 to 1.5585 before bouncing and mostly matching EUR/USD moves. EUR/GBP was bid throughout, up modestly from 0.7956 to 0.7977.

USD/CHF rallied from 0.9652 to 0.9683 before pushing lower.

AUD/USD opened in Asia at 0.8496 and ratcheted down from an early high of 0.8499 to 0.8417. It closed in New York Friday at 0.8511. Specs targeted stops below last week’s 0.8480 low from the get-go and the break below saw it tumble fast to 0.8449, Struggling back to 0.8483, it fell again on a fresh wave of sales. Plunges in gold, silver, copper and crude oil prices helped as did soggy China official PMI data. The as expected HSBC PMI helped it bounce modestly later.

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