Market Moving News on USD/JPY by AceTrader

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USD/JPY - 82.46..
Dlr moves sideways in Tokyo morning after staging a minor bounce fm 82.32 in Australia but renewed selling at 82.70 earlier forced price to ratchet lower. Range-trading is expected in Asia after y'day's selloff to 82.19, as mentioned in our Monday's update, Friday's CFTC report showed speculators were long of dlr n short in yen, therefore, last week's decline in the dlr n y'day's weakness wud have flushed out many short yen positions out there.
Offers are seen at 82.70-80 n traders reported more selling interest at 83.10 n large offers placed at 83.20/30, suggesting selling the greenback on intra-day recovery is the way to go, however, large bids have been reported at 82.00 (prev. high), then at 81.80-70.

In other news, Reuters reported comments fm China's central bank governor Zhou Xiaochuan who was quoted by the official Shanghai Securities News as saying "The State Council has required a cut in excessive accumulation n good management of the funds accumulated, including diversification of investments." Zhou was also quoted as telling a forum at Tsinghua University in Beijing that "Foreign exchange reserves have exceeded our country's rational demand, n too much accumulation has caused excessive liquidity in our markets, adding to the pressure of the central bank's sterilization." Chinese statistic bureau said last Friday China's FX reserves increased by nearly $200 billion in the 1st quarter of this year to more than $3 trillion, indicating hefty capital inflows, n the government has so far focused on investing mainly in U.S. dollar assets, including U.S. Treasuries.

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