Opened in early Europe at Y76.81 and Y98.21, was largely a non-event in Asia with the dollar hemmed into another very tight range of Y76.78-91 after opening the session at Y76.83. EUR/JPY was equally uninspiring in a Y98.03-28 range with the main interest being the yen-antipodean crosses. The quiet theme continued into Europe with USD/JPY trading a Y76.80-90 range. USD opened on a buoyant tone with decent demand seen as the rate posted Y76.90 intraday highs, before stalling and slipping throughout the session to Y76.80 on strong EUR/USD gains. The pair recovered to close morning trade around Y76.85. EUR/JPY was pulled around by EUR/USD moves in a choppy session where dealers saw risk sentiment return to the market. Rate climbed in early dealings to Y98.30 before running into leverage supply and briefly trade through Y98 to Y97.96. Asian demand lifted the rate off lows and boosted by a semi-official recovered to Y98.38, before easing in thin trade to Y98.32. The EUR continues on a buoyant tone ahead of the NY open as traders await the next move.
EasyForexNews Research Team