USD/JPY Y79.46 (Y79.34=Y79.76), euro-yen Y99.46 (y99.16-Y99.47) The yen was mixed in Asia Thursday, trading higher against the USD but edging lower against the yen. EUR/JPY fell to lows at Y99.16 early in the session, pressured by dollar-yen selling from Japanese securities houses. However, an unwillingness to hold euro shorts ahead of the EU leaders summit saw EUR/JPY bounce in the wake of a EUR/USD rally, last trading around Y99.50. USD/JPY fell on the early selling, but continued demand around Y79.20/25 and continued expectations of Japanese action somewhere below Y79.00 supported. Offers are still layered above from Y80.00, with traders citing further month/quarter-end repatriation flows.
EasyForexNews Research Team