JPY Trading Outlook (06-05-2014)

USD/JPY New York took a brighter view of the yen pairs to begin the holiday-thinned week, seeing the o/n yen gains as likely remnants of Friday’s post-payrolls position flushout and pricing in of deadly events in Ukraine and spurious HLs about Russian war plane movements. USD/JPY range traders used the dip below 102 to both book some short profits from Friday and to bargain hunt to start the week. Tsy yields and stocks rebounded modestly in NY, but the above-f/c ISM Services result couldn’t add to the bounce. Decent intraday resistance is by 102.30 and 102.45. Offers are noted by where the daily Cloud top at 102.80. EUR/JPY found support at the 141.29 daily Cloud top, shrugging off softer EC CPI and GDP forecasts for the euro zone and perhaps taking to heart the German govt spokesman’s retort to the French PM’s push against the EUR’s strength. AUD/JPY snapped 94.50/47 supports, but rebounded near the bottom of the up channel from Feb’s lows. BOJ Minutes from the Apr 7-8 meeting are out Wed. US Trade data Tuesday have a better chance of impacting USD/JPY ahead of Yellen’s JEC appearance on Wed.