Opened at Y80.30/100.77 after Y80.02/50 and Y100.40/101.11 overnight ranges. JPY remained defensive again overnight though euro slippage slightly offset, the dollar stalling around Y80.50 as exporter offers capped, and EUR/JPY holding shy of overnight highs. USD enjoyed fresh demand around the ECB fixing event and gains extended to Y80.45 by the London fixing, some lift provided by EUR/JPY which weathered and early dip to Y100.566 and climbed higher, with a spike to Y101.23 around the option cut as euro enjoyed a brief bounce. Dollar gains stretched to Y80.56 around the London fixing event but dollar gains elsewhere outpaced, pressing euro down to Y100.80 around the same time, albeit amid light flows. Dollar eased to Y80.40 in slow afternoon dealings while better euro gains returned the cross to Y101.10 by late in the session.
EasyForexNews Research Team