Opened at Y77.55 and headed higher on demand into the Tokyo fix and optimism ahead of the Greek vote which tore EUR/JPY higher, helping the USD to a day’s high of Y77.78. The move was short lived with exporters leading a steady fall back to Y77.57 in another uninspiring trading session for the USD/JPY. Bids are seen at Y77.50/60 with some stops below, but further support is seen towards Y77.00/10. Offers lie from Y77.80 up to Y78.00 with some stops just above. EUR/JPY rallied from Y102.23 to Y102.94 on the positive outcome to the Greek austerity vote, but later slipped back on EUR/USD sales to Y102.65 before settling around Y102.80/85. The session also saw the usual rhetoric from PM Noda and Fin min Azumi over intervention with PM Noda stating that specific levels were not targeted (in contrast to Azumi’s references to exact levels). Aussie-yen rose to Y83.40 from early lows of Y82.73 and sterling yen picked up from Y122.14 to Y122.69. Oct-Dec annualised GDP fell -2.3% which was worse than expected and attributed to yen strength and the Eurozone crisis.
EasyForexNews Research Team