Opened in Asia at Y83.40 and after an early dip to Y83.35 edged up to Y83.50 in very quiet trade as Tokyo observed the Vernal Equinox holiday and remained in the range for the rest of the session. Crosses were quiet as well with EUR/JPY trading a tight Y110.29-49 range, and sterling-yen easing from Y132.62 to Y132.30. USD/JPY continued flat into the European open with light volumes reported, before nudging higher to Y83.50. The pair soon sprung into life and spiked to Y83.83 with demand seen from an Asian sovereign, before a bout of profit taking eased to Y83.70. Dollar continues on a buoyant tone as traders look to the Y84.25 and Y84.50 option barriers as key resistance. The cross tracked early dollar-yen gains to Y110.70, before getting a further boost to Y110.82 and fresh 4 month highs. Profit take sales pared gains to Y110.70, before pressing lower on EUR/USD UK clearer supply to Y110.45. The cross met Asian sovereign demand in the dip and recovered to settle around Y110.60 ahead of NY.
EasyForexNews Research Team