Closed in NY Friday at Y78.70 having recovered off Y78.45 lows. Early support in Asia lifted dollar-yen to Y78.70, rate extended gains on Japanese bank demand ahead of the fix to Y78.84. Profit take sales eased to Y78.75 and the pair consolidated gains ahead of Europe. On the topside a test of Y79.00 and traders expect strong resistance from exporters for month end flow, more behind at Y79.20 with stops set. Support seen at Y78.50, ahead of more bids at Y78.30/25. Euro-yen closed in NY Friday at Y98.50, the rate having recovered off Y97.98 lows. The cross mirrored dollar moves and lifted to Y98.62 on Japanese bank demand ahead of the Tokyo fix, later consolidating gains to sit in a tight 15 pip range. Offers reported at Y98.80, stronger behind at Y99.00. Support seen on the downside at Y98.30, ahead of Y98.00.
EasyForexNews Research Team