Opened in early Europe at Y79.68 and Y103.12, Opened in Asia at Y79.67 and headed higher on weaker than expected trade data, before running into fund supply and paring gains. USD extended losses to Y79.60 where importer demand and some profit taking cushioned the move, later grinding higher to Y79.65 and trade sideways. EUR/JPY opened heavy and slipped through Y103.00 to Y102.95 lows on continued eurozone headlines and weaker treasury yields. The cross made an attempted recovery to Y103.34 but the mini rally stalled and eased to Y103.20. USD/JPY opened in Europe on a stronger sentiment to print Y79.77, before running into Asian name sales, cross yen supply added weight and the pair slipped to Y79.61. Strong demand seen ahead at Y79.50 with stops set. EUR/JPY tracked early EUR/USD demand to Y103.45 intraday highs, before running into Asian sovereign supply and easing to Y103.20. The pair continued in a tight 20 pip range holding above Y103.00 to close around Y103.10.
EasyForexNews Research Team