Opened in Asia at Y82.46 and nudged up to Y82.50 before Japanese names and a Major US black box fund sold aggressively taking the pair down to Y82.25. A second wave then targeted the Y82.00 level and a big bid at Y81.95. This was eventually filled tripping large stops through Y81.90 to lows of Y81.83. EUR/JPY was scythed from early highs around Y109.76 to Y109.04 on the move. Japanese lifers then turned the market on its head again catching all wrong footed in EUR/JPY with a bounce back to Y109.89 with the move helping the dollar back up through Y82.00 to Y82.34. Dollar-yen headed higher on the European open and lifted back through Y82.00 to Y82.23, before some profit taking eased to Y82.10. The rate then settled in a tight 15 pip range looking for direction ahead of NY. EUR/JPY climbed to Y109.45 in early dealings before a spike in cable triggered stops through $1.6025, this led EUR/USD higher in tandem with the cross spiking to Y109.88 intraday highs. Profit taking and fund sales eased to Y109.60 and settle mid-range.
EasyForexNews Research Team