Opened at Y79.63 in Asia and slipped on EUR/USD sales to Y79.53 on the back of an FT article showing reluctance from some EU states to ratify the deal. USD then found solid support towards Y79.50, and moved higher to Y79.81 before easing back to Y79.55. EUR/JPY fell to Y105.04, bouncing to Y105.50 before hedge fund sales pushed the pair back down to Y105.17. The pair then soared through stops at Y105.75 to Y105.97 as Brussels announced completion of the deal. Profit taking then led a move back down to Y105.50. In Europe USD/JPY traded a very tight Y79.73-85 range as traders look to the Y80.00 option barrier, with large stops on a break. The cross endured a choppy session pulled around by EUR/USD moves and paring overnight gains following announcements of the EU/Greek debt deal. Opening at Y105.94 the rate headed lower to Y105.60 before meeting Asian sovereign demand and lifting to Y105.80. Russian named EUR/USD demand boosted the pair to Y105.99, before stalling on semi official supply to Y105.60 ahead of NY.
EasyForexNews Research Team