Week in FX Asia -Yen Bears Are Beginning To See The Light

The Yen bears will take anything - at this point they do not really care. After a month of struggling to break the psychological ¥100 barrier, the bears must now feel more confident after Friday's NFP print that another positive US data print over the next two-weeks could finally prove to be the catalyst that allows the market to punch through this imaginary barrier.

Friday's US employment headline employment print (+165K) coupled with the previous two-months strong revisions higher (+114k) has favored the ‘mighty dollar,' sending it higher, temporarily at least, against both the EUR and JPY as the market remembers that the Fed can also ‘decrease' its bond buying, as reiterated earlier this week at the FOMC meeting. USD/JPY quest may be made easier this time around if there are not as many option barrier plays built up just under the ¥100.

Despite Abenomics continuing to attract its share of skeptics, Kuroda's bold efforts to reinvigorate his economy...