Closed in NY Friday at Y78.52 after profit taking eased off Y78.67 highs. USD/JPY opened in Asia around Y78.43 and nudged higher
on investor demand, dealers reported of continued light volumes and the rate pared gains on release of weaker than expected June Industrial Production data. The rate extended losses and closed the session at Y78.35 lows. On the downside stealth bids seen at Y78.00, through here triggers stops to reported semi-official bids at Y77.90. EUR/JPY closed in NY at Y96.50, off Y97.33 highs. The cross opened flat in Asia and after some light Japanese name sales eased to Y96.25, the pair made an attempted recovery to Y96.40 before running into decent offers and sit in a tight range ahead of Europe. Offers seen at Y96.60 and Y96.80, reported bids on the downside at Y96.05/00.
EasyForexNews Research Team