Opened in Asia at Y80.86 after lows in Europe of Y80.57. Light fixing and proprietary account demand, allied to buying from Japanese names in the EUR/JPY following dovish comments from Fed’s Yellen led the dollar higher this morning to Y81.07 before exporter offers turned the tide with a drift back to Y80.84. EUR/JPY ran up to Y106.33 from Y105.96. USD/JPY opened in Europe at Y80.95 and was driven higher by strong demand in EUR/JPY to Y81.05, the rate extended gains to intraday highs of Y81.13, before easing on profit take sales. Dollar was unable to sustain momentum and slipped back through Y81.00 to Y80.95, before demand in the dip lifted the pair to Y81.05 and settle in a tight range ahead of NY. EUR/JPY led the charge in early dealings to intraday highs Y106.60, before some profit taking and aided by strong Eastern European supply in EUR/USD pared gains to Y106.10. The cross recovered, bouncing sharply to Y106.40 and settle in a tight 20 pip range for the remainder of the session.
EasyForexNews Research Team