Opened in early Europe at Y78.99 and Y99.58, opened in Asia at Y79.05 and slipped on exporter supply to Y78.95 where the rate settled in a tight range, looking for direction. Fresh comments from Japan FinMin Azumi at G20, saying he underlined strong yen was a problem for Japan’s recovery failed to move markets. The cross lifted to Y99.64 ahead of the Tokyo fix where the move stalled and settled in a tight range on continued concerns over Spain and Greece. USD/JPY nudged through Y79.00 on the European open before pressing lower on sharp cross yen sales to Y78.84. Profit take demand lifted off lows to settle at Y78.90 ahead of the NY open. EUR/JPY headed lower in early trade and slipped to Y99.40 on Dutch bank name supply in EUR/USD, extending losses to Y99.18 on headlines that Spain have delayed full bank audits to September from June. UK clearer demand lifted off lows ahead of German ZEW data, weak release weighed to Y99.25, before recovering to Y99.50 in headline driven markets.
EasyForexNews Research Team