Opened in asia at Y80.29 after NY highs of Y80.41 and after early highs of Y80.35 slipped back on cross sales to Y80.07. Bids from funds at Y80.00/10 halted further falls and the pair later settled around Y80.15. EUR/JPY eased from Y106.45 tripping some light stops through Y106.20 to Y106.16. USD/JPY lifted on the open to Y80.21 before pressing lower to Y80.09 on sharp EUR/USD demand. The pair made an attempted bounce but recovery efforts were seen weak, later easing to fresh lows Y80.04. Demand into the dip nudged dollar-yen higher to settle around Y80.10 and close the morning flat. EUR/JPY dipped to Y106.30 around the European open before meeting strong demand and recovering to Y106.60. The cross continued on a buoyant tone and spiked to Y106.82 on release of stronger than expected German IFO data, before running into Asian sovereign supply and easing to Y106.60. Rate tracked EUR/USD demand into the dip from leveraged names to Y106.87, before profit take sales eased to settle around Y106.60 into NY.
EasyForexNews Research Team