JPY opened in early Europe at Y82.80 and Y110.55 after a brief low of Y82.80 headed higher on investor demand, taking out CTA stops at Y83.00 to highs of Y83.04. Exporter and fixing supply then weighed with the USD easing back to Y82.80. EUR/JPY saw initial demand from a French name which took the pair from early lows of Y110.61 through offers Y110.70/75 to Y110.93, before exporter sales, model funds and some profit taking after yesterday’s sharp rise, led a fall to Y110.55. USD/JPY opened firmer in Europe to Y82.93 but was unable to push through Y83.00 and eased to Y82.90. USD sentiment turned and the pair slipped to Y82.75, before an attempted recovery failed and aided by real money sales headed lower to Y82.68. Dollar remains on a heavy tone and bounces remain shallow. EUR/JPY traded a tight morning range, opening around Y110.55 and slipping to Y110.41, before dip buying lifted the rate back to Y110.55. The cross tracked sharp EUR/USD demand to highs of Y110.78, before profit taking pared gains and trade flat around Y110.55.
EasyForexNews Research Team