Opened in early Europe at Y76.22 and Y99.40 Opened in Asia this morning at Y76.27 after lows in NY of Y76.15, and quickly headed back down to the level again following sales of EUR/JPY and AUD/JPY in the Tokyo fixing, as lower US yields weighed on the pair. Fears of intervention halted further falls after a low of Y76.14. EUR/JPY slipped to Y99.43 from Y99.89 tripping stops enroute through Y99.55 as momentum funds and CTA accounts sold. USD/JPY slipped on the European open to Y76.12 before tracking yen crosses and bouncing to opening levels. Rate slipped to Y76.15 on strong EUR/USD gains, falling further to Y76.03 and fresh 2012 lows, before bouncing on semi-official demand to close the morning around Y76.10. EUR/JPY eased on the open to Y99.25 before bouncing on semi-official demand to Y99.40. The cross headed higher tracking sharp EUR/USD gains to Y99.80 as sentiment and real money returned. Continued demand lifted the pair to session highs Y100.06, before profit take sales eased to Y99.90 ahead of NY.
EasyForexNews Research Team