Opened in early Europe at Y76.71 and Y100.55, in Asia at Y76.55 after lows in NY of Y76.51. Some heavy sales were seen in yesterday’s session but the pair maintained a hold above Y76.50 and again this morning with semi-official names seen providing the support. The USD then headed higher to Y76.78 before meeting strong exporter offers towards Y76.80/00. EUR/JPY recovered from early lows of Y100.37 to Y100.72 on aussie-yen buying following an unchanged RBA rate decision before slipping back to the early lows and later balancing around Y100.50. In Europe USD/JPY traded a tight Y76.62-76 range in a very quiet European session. USD opened on a bid tone and lifted in early dealings to Y76.75, before meeting supply from exporters and easing to Y76.72. Trade continued sideways ahead of NY in quiet markets. EUR/JPY headed higher to Y100.90 on early leveraged buyers, before easing on profit take sales to Y100.66. Middle-eastern EUR/USD demand lifted the pair to fresh highs Y100.98, later running into a wall of offers and slipping to Y100.80.
EasyForexNews Research Team