The NZD/JPY, AUD/JPY strong early on broad based JPY weakness following the election of Liberal Democratic Party and its junior partner New Komeito came to power in Japan over the weekend, says ASB Head of FX Institutional Sales Tim Kelleher: "The market was caught short over the weekend, which is quite surprising given Shinzo Abe was leading in the polls leading up to it." He says gains may be pared once the Japan market opens and investors take profits. The NZD/JPY is at 70.68. Kelleher puts support for the pair at 70.50 with resistance coming in around 71.50. The AUD/JPY is at 88.99. Kelleher puts support at 88.00 to 88.50 with resistance around 89.00 to 89.50.
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