USD/JPY moved higher in early Asian trade, marking highs at Y80.08 before fresh selling out of Japan emerged to lock in the higher levels. Rate eased off to Y79.90/80. The move lower was given added weight as the BOJ disappointed and kept rates unchanged (speculation had been for further easing) which took rate down to an eventual session low of Y79.518. EUR/JPY was dragged lower with the USD/JPY move, trading down from Y101.559 to Y101.00 before getting a quick bounce back to Y101.25 as the euro got a general lift on ex-Greek PM clarifying/correcting earlier reported comments on preparations for a Greek withdrawl from euro. However, pressure on the euro remained and took rate to a session low of Y100.745. USD/JPY extended lows into Europe down to Y79.46, while euro-yen touched Y100.60, currently around Y100.85. USD/JPY trades around Y79.58. Yen retains a an underlying bid tone into Europe, with offers remaining in place between Y80.00/10, and from Y101.50 through to Y102.00 in EUR/JPY. USD/JPY bids seen between Y79.30/20 ahead of Y79.00.
EasyForexNews Research Team