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Forex: Yen Selling Overdone

FXstreet.com (London) - Japanese markets reopened overnight following a four-day holiday weekend. Refreshed traders returned fending off USD/JPY advances to the psychological 100.00. The Nikkei225 opened higher as well and above 14,000.

The yen edged higher against across the board as traders had seen selling as overdone which had brought it to within 0.6 percent of 100 per previously to 99.45, having surged up last week from strong bids just below 97.00 and a move higher fuelled by better-than-expected U.S. payrolls data.

“The wall between 99 and 100 yen per dollar is very thick, and we need some additional drivers to reach 100,” said Marito Ueda, the senior managing director at FX Prime Corp, a currency-margin company in Tokyo. “While last week’s payrolls report was strong, investors want to know if the U.S. economy will strengthen further from here.”

At time of writing, USDJPY trades 98.90 with decent Bids sighted 98.80/90. Sell stops sighted below ahead of support 98.50/60 (21 day MA 98.58).

Possible sell stops below ahead tech support (tenkan line) at 98.29 and larger bids 98.00/10.

France Imports, EUR in Mar: €40.9B, and Exports: €36.204B

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