Closed in NY Friday at Y79.53 having consolidated early session gains. Asian trade opened flat due to the national holiday in Singapore, before Gotobi demand from Japanese importers lifted to Y79.60 through the fix. Rate extended gains to Y79.66 where the pair stalled, profit take supply and sharp cross supply eased to Y79.42, later bouncing to Y79.50. Overall flows are muted with offers at Y79.75/80, more behind at Y80.00 with stops set on a break. Euro-yen closed in NY at the top of the days range around Y98.20, having recovered off Y97.72 lows. The cross consolidated above Y98.00 in early dealings, before rising in tandem with the dollar to Y98.22. Profit take sales eased off highs, exporter supply added weight and pressed through Y98.00 to Y97.94. Demand met in the dip and the pair settled around Y98.05. Bids seen at Y97.70/65, stronger behind at Y97.50. Reported offers at Y98.45/50 with stops set on a break, through here opens technical resistance at Y98.76 from the 61.8% retracement of July pullback.
EasyForexNews Research Team