USD/JPY opened Asia at Y81.09, having recovered off Wednesday lows in the area of Y80.65/60, with the recovery getting a boost to Y81.40 as market reacted to the release of worse than expected Japan current account data. EUR/JPY failed in its early attempt to to trigger stops below Y106.60 with the recovery taking this rate on to Y107.20 on general yen weakness following data. Talk of corporate demand for the cross took rate on to Y107.77 in early Europe, with move taking USD/JPY to extended highs of Y81.56. Rates drifted off highs to Y81.40/Y107.60 in late morning trade but underlying negative yen tone said to remain. ECB interest rate decision at 1245GMT, the Draghi commentary at 1330GMT the interest into the afternoon, but Greek PSI continues to overshadow with risk positions adjusted on comments ahead of Friday’s 0600GMT results.
EasyForexNews Research Team