The yen traded higher against its major rivals as risk aversion led to some carry trades liquidation. Japan’s Finance Minister Koji Omi said that “disorderly moves of foreign exchange rates are undesirable”. His comments made investors nervous and unwind some carry trade positions. The dollar/yen probed the 122.80 level, and is likely to rebound if it holds above this support.
USDJPY encounters interim resistance at 124, backed by 124.20 and 124.50. Subsequent ceilings will emerge at 124.80, followed by 125 and 125.30. On the downside, support begins at 123.50 and 123.20, followed by 123. Additional floors are eyed at 122.80, backed by 122.50 and 122.20.
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