[07:36 USD/JPY: Importer Bids Underpin After Decent Selling] London, August 3:
Importer bids have underpinned USD/JPY around 111.35/40 after sizeable selling
from a Japanese exporter in the Asian session. Price action in USD/JPY has
turned a little mixed after many weak short positions were stop out after 111.00
held yesterday. Further bids are noted at 111.20 and 111.10 from importers,
while option related interest is also tipped into 111.00. Stop losses are noted
below 111.00 and the next level of decent Asian account demand is anticipated in
the 110.70 area. The topside should continue to see interbank offers into the
111.90/00 region after the decent selling overnight. The forthcoming US NFP data
and the Japanese postal vote risk are expected to temper any further attempts on
the downside. Above 112.00, the next level of interest from exporters lies in
the 112.30/50 area in modest size. -- Russell.Bloom@Thomson.com
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