USD/JPY – 108.11… Dlr ‘gap-down’ opened below Fri’s NY low of 108.60 to as low as 107.75 (Reuters) in NZ this morning on broad-based buying in yen for risk aversion after an earthquake of 7.0 magnitude hit southern Japan’s Kyushu Island on Saturday. Later, despite a recovery to 108.46 ahead of Asian open, price retreated to 107.90 in Tokyo morning due to a decline of near 3% in Nikkei (currently down 2.7% or 454 points to 16,393).
Today, NAHB will release its housing market index for U.S. at 14:00GMT, however, focus of the market will be on the speeches fm New York Fed President William Dudley n Minneapolis Federal Reserve president Neel Kashkari at 12:30GMT n 16:30GMT respectively.
At present, offers are reported at 108.30-40 n more at 108.50-70 region with mixture of offers n stops located at 108.80-90. On the downside, initial bids are noted at 107.70-60 n then 107.50-40 with stops below 107.30.