9:00 GMT

Currency pairs which made some substantial moves yesterday in favor of the Yen ( USDJPY, GBPJPY, AUDJPY, EURJPY) have mostly retraced back starting the Tokyo trading session yesterday.

However, the market is still very sensitive concerning risk eversion, and any good enough fundamental reason can trigger once more massive Yen buying.

On the other side, Japanese officials still did not clarify whether they intend to intervene with the Forex market or not in light of the Yen’s growing strength. All we herd was Naoyuki Shinohara -vice minister for international affairs in Japan saying yesterday “he was carefully monitoring foreign exchange markets” - this is still not the kind of reassurance the market needs in order to push USDJPY above 95, but marly a hint the Japanese are there to act when they think the right moment has come.

levels to watch:  as long as USDJPY is trading under 90, and AUDJPY under 60, Yen sentiment will remain bullish.

Z.Georgi

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