Intraday Market Thought from Ashraf Laidi 2009.11.30 05:25

The rift between Japans MoF and BoJ we mentioned in Friday's article is resurfacing as the finance ministry pressures the central bank on further easing monetary policy. The yen lost ground in early EU trading after Japan's strategy minister Kan says govt agrees on measures to stop the yen rise. But As European stocks extend into negative territory and FTSE-100 drops 50 pts, yen strength resurfaces across the board. USDJPY 4-hr stochastics suggest downside to call up 85.70, while 87.00 still acts as robust resistance. AUDJPY capped at 91.30, and is vulnerable to further losses towards 78.20.

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