The USD/JPY may move in a 77.50-78.30 range during Asian trading with a downward bias, says a senior trader at a major bank in Tokyo. The pair stumbled Friday after a disappointing U.S. jobs report, prompting concern that Japanese authorities might intervene to weaken the JPY. "Concern over possible intervention is increasing," he says. The EUR/USD is tipped in a 1.2350-1.2460 range, with the pair likely to rise somewhat in early trade on short-covering after it tumbled to a near two-year low Friday. "But the pair is likely to slide back down again after short-positions are unwound," as the outlook for the euro zone remains bleak, he adds. The USD/JPY is at 78.16 from 78.03 late Friday in New York, while the EUR/USD is at 1.2418 from 1.2435. The EUR/JPY is tipped in a 96.00-97.50 range; the cross is at 97.06 from 96.99.
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