Closed in NY at Y78.40 having bounced off earlier lows of Y78.30. The pair extended gains in early Asia ahead of the Tokyo fix to Y78.47, before a spike in the aussie on release of positive jobs data weighed to Y78.38. Trade was then contained in a tight range ahead of Europe as focus turns to Friday’s US Non-Farm Payroll data. Offers reported at Y78.50/55, more behind at Y78.60 with stops set, ahead of techs at Y78.70 from the 21 dma. Bids seen at Y78.20/15, ahead of semi-officials at Y78.00 with stops set. Euro-yen closed in NY at Y98.76 having recovered off early European lows of Y97.98 following ECB Draghi bond plan comments. The cross traded a very narrow Y98.76 – Y98.93 Asian range with very little action to excite the pair as dealers focus on todays ECB meeting. Strong offers reported at Y99.00, stops behind through Y99.20/30 ahead of more offers at Y99.45/50. Tech support seen at Y98.67 from the 5 dma, ahead of bids at Y98.50
EasyForexNews Research Team