Opened in early Europe at Y79.37 and Y100.01, opened in Asia around Y79.55 and nudged higher in thin trade before running into corporate/exporter sales ahead of the BOJ minutes. USD slipped to Y79.40 on reaction to expected release where the BOJ said there would be additional easing, but warned they are not monetising debt. Rate traded flat throughout Asia grinding to Y79.33 lows, before importer demand seen cushioning the move lifted back to Y79.43. The cross tracked USD/JPY to print Y99.79 lows before a strong recovery in EUR/USD lifted to Y100.08, later easing on profit take sales. USD/JPY traded a very tight Y79.33-43 European range and continued on a heavy tone with support from importers down to Y79.20, ahead of the Y79.00 option barrier. EUR/JPY extended gains into the European open and stalled around Y100.22, rate tracked sharp EUR/USD supply back through Y100.00 and aided by Asian reserve sales printed Y99.71 lows. The cross bounced to Y99.90 but any recovery attempts seen shallow in thin markets due to Memorial day in the US.
EasyForexNews Research Team