USD/JPY tests 119.00 after BoJ

USD/JPY eased off yesterday’s peak of 119.42. The pair saw long liquidation in thin Asia trading due to the Lunar New Year holidays. Buoyant early in the session with the Nikkei up another leg, it fell back from 119.36 to 119.13 into the Bank of Japan announcement. There were no surprises with policy left unchanged and economic views were as expected. The pair eased down to 118.88 post-announcement before the market quickly bounced back above 119.00. EUR/JPY traded similarly, off from 136.08 to 135.75 and away from yesterday’s 136.22 high. Market players here remained optimistic on an EU-Greek deal at some point.

EUR/USD opened in Asia at 1.1410 after a choppy US session disrupted by conflicting headlines on Greece. It still ended up on the day with the market optimistic over an eventual deal. The pair traded 1.1398-1.1416.

GBP/USD did nothing in Asia, confined to a very tight 1.5346-61 range. EUR/GBP consolidated gains seen yesterday between 0.7423-35.

USD/CHF traded mostly 0.9351-72, just off the 0.9374 high yesterday. Like USD/JPY, it too saw a brief outlier down to 0.9316 on no volume. EUR/CHF too traded 1.0662-96 aside from a brief outlier down to 1.0633. CHF players seem nervous on repeated SNB intentions to intervene.

AUD/USD opened in Asia at 0.7819 and was confined to a 0.7804-30 range with trading never getting out of first gear on the Lunar New Year tonight. Yesterday’s less dovish than expected RBA minutes left the pair better bid.

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