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Yen fluctuates on possible snap Japan elections

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USD/JPY was volatile in reaction to news on the planned Japan April sales tax hike and snap elections. The Sankei and Nikkei reported the sales tax hike would be delayed and snap elections would be held. From a late New York low of 115.01, USDJPY rose to 116.01 early in Asian session trading before falling back to 115.25 after the Suga comments. It has since bounced with Japanese players buying post-Suga dips in both USDJPY and Nikkei, convinced that the sales hike would be delayed and snap elections would be held. EURJPY traded to a fresh trend high of 144.73 early in Tokyo before falling back later to 143.78. It too has since bounced.

EUR/USD fell back after moves higher overnight in holiday-thinned New York trading. Asia saw EURUSD see-saw between 1.2454-77, below the 1.2499 spike high o/n. Up to 144.34 late in New York, EURJPY fell back to 143.76 into the close before spiking higher to 144.73 very early in Asia alongside USD/JPY. It fell back later to 143.78 before bouncing.

EUR/GBP did nothing between 0.7830-36 in Asia, off a touch from its 0.7847 high overnight. A break below 0.7790-0.7800 could see a re-test of 0.7766/67 lows on September 30/October 1.

GBP/USD traded heavy between 1.5905-25 in Asia.

USD/CHF was slightly better bid between 0.9646-62 after bouncing from 0.9625.

AUD/USD opened in Asia at 0.8686 and see-sawed down from 0.8708 to 0.8675 in quiet trading.

The post Yen fluctuates on possible snap Japan elections appeared first on Forex Circles.

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