Opened in early Europe at Y78.17 and Y94.93, USD/JPY opened around Y78.15 in Asia amid light flow, before a wave of heavy selling into the Tokyo fix pressed to Y78.05. Japanese bank name demand cushioned and the pair bounced to Y78.15 with trade stuck in a tight range. Reported stealth bids sitting at Y78.00, a break triggers stops to demand at Y77.90 from semi-officials. EUR/JPY slipped to Y94.69 in early Asian trade, before recovering in tandem with USD/JPY after the fix. The cross extended gains and briefly made a show above Y95.00 on short covering, later settling around Y94.90. USD/JPY continued quiet in Europe with trade stuck in a 10 pip range, the pair ground to Y78.11 on sharp cross yen supply and sits heavy ahead of NY. EUR/JPY opened on a bid tone in early European dealings to print Y95.09, later easing on profit take sales and range trade. Attempted bounce failed and a flurry of cross sales weighed to Y94.66, later lifting to Y94.75.
EasyForexNews Research Team