USD/JPY was trading at Y80.15 ahead of the European open, close to the lower end of the session’s Y80.11 to Y80.38 range. The pair opened around Y80.25, edging higher in very light volume as Tokyo markets are closed for a public holiday – the first of the annual “Golden Week” holidays. Having drifted in a tight Y80.25 to Y80.38 range through the morning session, the pair broke below Y80.25 and triggered modest stops to a low at Y80.11, finding some support from hot money names covering shorts. A modest bounce of the lows in light volume saw the pair at Y80.18. Bids building ahead of Y80.00, traders note, with stops seen on a break below Y80.00 and Y79.88. Tokyo markets reopen Tuesday and Wednesday, and are closed Thursday Friday.
EasyForexNews Research Team