Opened in Asia at Y77.65 and pushed up in the Tokyo fixing on some cross demand in AUD/JPY and EUR/JPY to highs of Y77.74 before euro-yen sales post fixing led a fall back to Y77.52 in thin market trade. EUR/JPY averted a test of Y100.00 in NY yesterday, opening at Y100.62 in Asia edging up to Y100.69 into the fix before Japanese names again sold the pair as equities gave back earlier gains. USD/JPY lifted on the European open to Y77.64 on the back of EUR/USD slippage but was unable to sustain momentum, later easing to Y77.57. Rate slipped further through Y77.50 support, triggering stops on the downward move to post session lows Y77.30, before an equally quick bounce to Y77.42. EUR/JPY tracked EUR/USD moves, initially rising on the open before paring gains and slipping to Y100.18. The cross was dragged lower by yen strength through the Y100.00 option barrier,
triggering stops to post fresh 10 year lows of Y99.963, later recovering to Y100.10.
EasyForexNews Research Team