Opened in early Europe at Y79.72 and Y103.45, Opened in Asia around Y79.85 and headed higher on Japanese name demand, before paring gains on cross yen sales. Further heavy supply in AUD/JPY/EUR/JPY in particular pressed to Y79.72 and dollar settled in a tight range. The cross opened at Y103.75 and tracked USD/JPY higher, before running into strong sales from real money and retail names to print lows of Y103.39. The pair made an attempted recovery to Y103.50 but continued supply on the topside cushioned moves. In Europe USD/JPY traded a tight 10 pip range for the majority before late supply from a major US bank pressed to Y79.61. Rate met strong demand from Japanese names and nudged higher to Y79.66, although the underlying tone remains heavy. The cross lifted to Y103.65 in early trade before slipping on Middle-Eastern sales to Y103.50. Dip buying emerged and euro-yen recovered to Y103.73, the rate was unable to maintain gains and tracked EUR/USD lower to close around Y103.40.
EasyForexNews Research Team