Closed in NY Monday at Y78.25 having recovered off Y78.14 lows. Asian trade opened light on strong yen sentiment and aided by some
exporter supply slipped to Y78.16 ahead of the Tokyo fix. The pair met strong demand in the dip and bounced to Y78.20, extending gains to Y78.30 on the EUR/USD recovery, later easing to settle in a tight range. Offers reported at Y78.50, more at Y78.60. Strong support seen into Y78.00, a break to semi-official bids at Y77.90 with stops set. EUR/JPY closed in NY Monday at Y97.00 and traded a very light session. The cross moved in tandem with dollar-yen on the open and with exporter supply seen adding weight the rate printed Y96.83. Strong demand after the fix lifted to Y96.90, extending to Y97.13 amid light flows. On the topside offers reported at Y97.25, stronger behind at Y97.50. Bids seen at Y96.70, ahead of Y96.50.
EasyForexNews Research Team