USD/JPY was tied to a range of Y79.47/79.60, with little to move the pair. Offers noted layered towards Y80.00, with intraday stops
above Y80.05/10. Bids noted at y79.20/25, with stops below Y79.05. Traders noted staff reshuffles at the MOF forex division, with new hire seen as “intervention specialist”, prompting market chatter. EUR/JPY is also trading lower, following EUR/USD throughout the session. Light Japanese bids were seen on dips, with traders noting possible demand ahead of eurozone auctions. The cross was last at Y97.69, having traded a range of Y97.64 to Y98.60. Offers are above at Y98.40/40, with bids below at Y97.40.
EasyForexNews Research Team