Nikkei pares gains, up 0.4% from up 1%
- Japan Fin Min Aso: Equities are rising at a fast pace and due to global economic recovery
The chicken or the egg? JPY strengthening pulling down Nikkei now.
The BOJ scaling back its JGB buying has had an immediate logic impact on the JPY, in addition to the better cash earnings.
It gains about 0.5% across the board with USDJPY 112.62 , EURJPY 134.80, GBPJPY 152.85, NZDJPY 80.91 to name just a few .
Drawing your attention to the break level EURJPY @134.45/50 , which will now act as a support if the slide continues.
USDJPY supports come in @ 112.35-20 and the previous 112.00 .
In the meantime short GBPJPY as mentioned before .
I expect JPY find support on small dips