Opened in early Europe at Y79.21 and Y101.33, opened in Asia at Y79.13 with dealers reporting of light volumes to start the working week. Dollar ground higher on investor demand as risk sentiment improved but the pair range traded to close the session around Y79.23. The cross tracked early EUR/JPY demand to Y101.40, before slipping back after the Tokyo fix to Y101.16. Demand in the dip from offshore names bounced to Y101.25, rate extended gains to Y101.40, before settling in a tight 15 pip range. Real Money demand lifted USD/JPY on the European open to Y79.33, rate consolidated gains and climbed to Y79.45, boosted by cross yen strength, later easing to Y79.35 and trade flat ahead of NY. EUR/JPY opened heavy and tracked EUR/USD slippage to lows of Y101.10, before dip demand pared losses. Rate extended gains and flushed stops on the move to print intraday highs Y101.58, before profit take sales eased to Y101.35 and sit mid-range into NY.
EasyForexNews Research Team