07 Jun 2016 01:28
USD/JPY - ..... The greenback staged a short-covering rally from yesterday's Australia low at 106.35 to 107.28 in early European morning, then 107.56 at New York midday after Yellen's comments.
However, dlr briefly retreated to 106.84 in New York afternoon before rising again to 107.66 near New York closing. Price came under renewed selling pressure ahead of Tokyo open and fell again to 107.22 at Tokyo open as Yellen's comments yesterday failed to provide support to the buck.
As there are is no major eco. data due today, traders are likely to use the combination of Yellen's comments together with Friday's jobs report to trade the market.
Offers are now seen at 107.50/60 and more above at 107.80/90 with stops building up above there whilst initial bids are noted at 106.80/90, suggesting choppy trading with downside bias would be seen initially.