The USD/JPY may trade in a 77.00-78.00 band in Asia after it dropped to a seven-month low of 77.13 in New York Thursday following the Fed's decision to launch an open-ended bond purchase program, says Osao Iizuka, head of FX trading at Sumitomo Mitsui Trust Bank. "The Fed's action was within a range of expectations but it has made the dollar's topside heavy," Iizuka says. The absence of sellers during Asian trading hours due to caution over currency intervention by Japanese monetary authorities could keep the pair well-bid, although Iizuka does not expect intervention to take place Friday. The pair is at 77.58 vs 77.48 late Thursday in New York. Iizuka tips the EUR/USD in a 1.2930-1.3030 band; the pair is steady at 1.2987.
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