The USD opened at Y76.83 and fell from, early highs of Y76.85 to Y76.72 before finding some support. EUR/JPY eased from Y98.84 to Y98.55 before a bounce to Y98.81. The pair supported by talk of an increase in the IMF bail out funds and hopes of a resolution to the Greek debt deal. USD/JPY failed to spring into life trading a very tight Y76.70-77 European range, lacking direction. EUR/JPY traded flat on the open before slipping in early dealings to Y98.55. The cross bounced on semi-official EUR/USD demand to Y98.70, lifting further to Y98.85. Strong Financial equities and a well received Spanish auction boosted EUR/JPY to session highs Y99.03, before profit taking sales eased the pair to Y98.90. Trade volumes seen light as the rate consolidated gains ahead of the NY open.
EasyForexNews Research Team