USD/JPY opened at Y79.85 in Tokyo Tuesday and has been tied to narrow ranges, as most FX pairs are rangebound. Markets are subdued with Asian and European holidays keeping players sidelined. The pair has been unable to break out of a Y79.81-Y71.93 range in Tokyo trade, despite a brief dip below to Y79.76 in early Australian trade. After the break below Y80 yesterday, there was modest jawboning from Japanese MOF officials, with Vice Finance Minister Takehiko Nakao cited saying the government will take appropriate steps on the yen if needed. Traders not stops seen on a break below Y79.70, with further stops at Y79.35/40. EUR/JPY was trading at Y105.78.
EasyForexNews Research Team