Closed in NY Friday at Y78.38 having recovered off the spike low of Y78.187 following Fed Bernanke’s speech. Dollar-yen opened in Asia around Y78.30 and was dragged lower to Y78.19 on supply from Japanese name accounts in aussie-yen. The pair bounced to Y78.30 and consolidated gains to settle in a tight range ahead of Europe. On the downside reported demand from semi-officials at Y78.10/00 (Y78.07/00 – Support line from 1 June/Bollinger band), ahead of bids at Y77.90 with large stops on a break. Offers seen at Y78.35/40, ahead of Y78.50. The cross closed in NY Friday at Y98.60 tied to a narrow range. Euro-yen tracked the early dollar move in Asia and pressed to Y98.22, before demand in euro-aussie aided the recovery to Y98.50. Tech support seen at Y98.25/20 (Y98.25 – Ichimoku cloud top), ahead of bids at Y98.00. Offers reported at Y98.55/60, through here opens Y98.80.
EasyForexNews Research Team