Opened in early Europe at Y80.33 and Y102.34, Opened in Asia at Y80.35 and ground higher on importer demand ahead of Q1 GDP data. Dollar eased on a stronger than expected release and aided by cross yen sales slipped to Y80.25 lows, before dip demand lifted to Y80.30 and settle in a tight trading range. The cross had a flat Asian session with trade contained in a tight Y102.11-36 range. The quiet theme continued into Europe with dollar-yen caught in a Y80.29-37 range, lacking direction. On the order book, technical support from the Ichimoku cloud base at Y80.10 with exporter offers at Y80.65/70 seen capping moves. EUR/JPY nudged higher on the European open before running into Asian sovereign supply and easing to Y102.25. The cross extended losses to Y102.15, before a sharp 15 pip bounce on release of a well received Spanish auction boosted sentiment. However, the pair was unable to consolidate gains and tracked EUR/USD lower to Y102.10. Trade volumes remain light and the underlying tone heavy ahead of the NY open.
EasyForexNews Research Team