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USD/JPY Consolidates above 123.00 with modest gain to 123.40

The USD/JPY mades modest gains and rose to 123.40 when Nikkei opened higher in Asia. Supported at 123.00 with decent sized bids. Range today has been 123.40 - 123.00, Trading was fairly subdued from Asia to the first half of Europe with Singapore on holiday and the approaching US holiday tomorrow. The US dollar remains firm post Friday's strong US jobs data.

Pivot support at 122.90. Large NY cut option expiry at 123.00. Nikkie futures 48/72 hour log correlations with spot are 0.62/ 0.65. Japan's Sept current account surplus lower than expected at 1.47 trillion yen versus 2.24 trillion expected which aided push of USDJPY higher to 123.40. EURJPY rose to 132.80 on mirror price action of USDJPY which was quickly met with profit taking, euro slides on firm dollar.


Charts: WorldWideMarkets Alpha Trader

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