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Asia Recap: Yen profit taking ramps up after Aso 'jawboning'

FXStreet (Bali) - It was meant to be a low key affair in Asia amid the absence of Asian data, until Japanese Finance Minister Aso crossed the wires, 'jawboning' against Yen depreciation being too fast, leading to an acceleration of profit taking in Yen short positions.

USD/JPY was the big mover in Asia, with a new leg lower being printed after Japanese FinMin Aso talked up the Yen, allowing a flash 60 pips slide in the pair, reaching its lowest at 117.36 before a bounce towards 117.90, ,which found renewed selling appetite to re-est 117.50, before the order board found its equilibrium point circa 117.70/80.

AUD/USD followed moves in USD/JPY, with Yen strength providing support for the Aussie, although the modest flip was well capped by a descending trendline coming from Nov 17 peak at 0.8650. NZD/USD traded in a firmer tone as well, mirroring AUD/USD moves, with the Kiwi last paid at 0.7888. EUR/USD and GBP/USD traded in tight ranges, last at 1.2555 and 1.57 respectively.

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