Opened in Asia at Y77.66 after highs in NY of Y77.73 and headed higher on some early importer demand to Y77.75 before exporters pushed the pair back to Y77.51. The rate has since settled around Y77.60/65. EUR/JPY opened at Y103.19 after NY highs of Y103.29 and eased down with the EUR/USD to Y102.91. In Europe USD/JPY had a choppy session trading a tight range. Dollar lifted to Y77.72 on local demand, before pressing lower on weak USD sentiment to Y77.55, which saw sharp cable gains in tandem. Demand into the dip nudged the rate off lows, before getting an added boost from macro a/c’s to Y77.74. A bout of profit taking eased to Y77.65 before demand met and a re-test of highs. EUR/JPY opened on a softer tone than of late and tracked EUR/USD to session lows Y102.83, before strong demand lifted the cross back above Y103, stalling ahead of the Asian high at Y103.20. EUR/USD slippage pressed the rate back through Y103 to Y102.91, before heading higher and sit mid-range into NY.
EasyForexNews Research Team