Opened in Asia this morning at Y82.88 after posting highs in NY of Y83.09. This morning’s session in Asia saw some early fixing demand and strong buying from CTA accounts lift the pair through the NY highs tripping some stops to Y83.29 before settling around Y83.20. EUR/JPY was steadily building higher, consolidating yesterday’s gains from Y107.97 NY lows. The cross pushed up from Y108.39 through some Y108.70/75 stops to Y108.80. Into Europe and strong dollar sentiment continued, the rate soared through the Asian high to Y83.35 in early dealings. Lifting further to take out the Y83.50 barrier and print Y83.51 highs, before a bout of profit taking eased to Y83.40 and trade flat. Yen crosses led the charge and EUR/JPY headed higher to Y108.80, demand from medium term system accounts boosted the rate further to Y109.08, before paring gains on Asian sovereign supply to Y108.77. Dip buying emerged and the pair tracked EUR/USD gains back through Y109.00 to Y109.25 and continues on a buoyant tone ahead of NY.
EasyForexNews Research Team