Opened at Y80.84 on a bid tone following yesterday’s strong rally in the NY session. Early buying from the outset in Asia this morning from Japanese names led the whole yen complex higher with the dollar pushing through Y81.00, triggering stops through the Ichimoku cloud top to highs of Y81.44. EUR/JPY and GBP/JPY powered higher from lows of Y106.10 and Y128.73 to Y106.89 and Y129.54 respectively. USD/JPY headed lower on the European open to Y81.21 before demand in the dip recovered to Y81.35. The rate ran into Macro name sales but reported real money demand via Japanese and US names counteracted the move and spiked to session highs Y81.56. The dollar was unable to push ahead and eased on late Japanese name supply to settle around Y81.45. EUR/JPY slipped on the open and tracked EUR/USD to Y106.34, before recovering on Middle-Eastern demand to Y106.60. Rate extended the corrective pullback to highs of Y106.84 before easing on profit take sales and fresh 20 month EUR/GBP lows to Y106.55 ahead of NY.
EasyForexNews Research Team