USD/JPY Y79.35-Y79.55, EUR/JPY Y99.08-Y99.42, a lackluster session for the yen against the majors Wednesday, as forex markets sit rangebound ahead of the EU leaders summit set for later in the week. USD/JPY was last trading at Y79.45, in the middle of the session’s 20-pip range, with light offers seen at Y79.50 and layered to Y80.00. Traders note offers building around Y80.00 and above from exporters ahead of the quarter end. Bids noted below at Y79.10/15 and at Y79.00. Stops noted just below Y78.90, but talk continues to speculate that downside from there could be underpinned by action from Japanese authorities, stealth or otherwise. EUR/JPY largely tracked EUR/USD, with little on the domestic Tokyo calendar. The pair last at Y99.31, toward the upper end of the session, but volumes are light. Traders note offers from bluechip exporters building above at Y100.00, layered to Y101.00.
EasyForexNews Research Team