Closed in NY at Y78.40 having recovered off earlier lows of Y78.28. Sentiment returned in early Asia and the pair lifted to Y78.45, extending gains through the Tokyo fix to Y78.54 on local demand. Reported exporter supply capped and the dollar paired gains to settle in a tight trading range amid light flow. Late euro-dollar sales weighed and the rate slipped to Y78.37 ahead of Europe. Support seen at Y78.20/15, a break opens bids from semi-officials at Y78.10/00 (Y78.0 – Support line from 1 Jun). Offers reported at Y78.60 with stops set on a break, through here opens tech resistance at Y78.70 (Ichimoku cloud base, 21 dma). Euro-yen closed in NY at Y98.48 having slipped off early European highs of Y99.02. The cross opened flat in Asia and sat heavy, a stop hunt in euro-dollar weighed and the rate printed 98.24, before dip demand lifted to Y98.40. Recovery attempts were seen shallow and a fresh wave of supply pressed to Y98.18. Minor stops noted on a break of Y98.10, ahead of strong demand/stops at Y98.00. Resistance seen at Y98.55/60, a break opens offers at Y98.80.
EasyForexNews Research Team