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 EUR/JPY 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. Traders are still targeting the Y100.00 barrier but with interest thinning into the year end a large order could still trigger the level.
USD bids remain in place ahead of the ichimoku cloud top at Y77.43 and base of Y77.30 with offers now seen from Y77.85 trailing higher to Y78.10. EUR/JPY bids are cited again ahead of Y100.00 with stops placed on a break.
EasyForexNews Research Team