USDJPY was the big FX mover yesterday as a....>

FOREX: USDJPY was the big FX mover yesterday as a failure to reclaim the 114

level in early trading saw bears take control to send the pair back to as low as

112.82, where it found some support at its 21-dma. The bounce has been shallow

however, keeping the focus on the downside. 

- Yen crosses came under renewed pressure as EURJPY broke below the key 200-dma

thanks to renewed Italian bond weakness, but EURUSD was able to hold Friday's

low and recoup some losses as risk appetite return in NY trading.

- AUD managed to hold above 0.7050 on a closing basis providing some support to

the bulls as AUDJPY closed above the 80 level despite a brief dip below it. The

recovery in NZD was less impressive but the 0.6450 level managed to hold on a

closing basis.