Opened in early Europe at Y78.81 and Y98.45, opened in Asia at Y78.75 and headed lower to Y78.60 as traders reacted to a generally softer dollar, the pair quickly picked up fresh demand that returned rate toward Tuesday’s high, topping out at Y97.95 before settling back on Y78.80. EUR/JPY extended gains to Y98.78, the cross taking its lead from AUD/JPY on reaction to the release of strong Australian GDP data, later easing to Y98.50. USD/JPY opened firmer in Europe and lifted through Y79.00 on broad dollar strength, the cross headed higher in tandem to Y99.80. EUR/JPY extended gains on strong cross demand through Y99.00 to print Y99.29 highs, dragging the dollar through stops to Y79.28. The rally stalled and some profit take sales pared earlier gains with the dollar dropping back to Y78.97, later recovering to Y79.10. The cross eased to Y98.74, before making an attempted recovery to Y98.95 ahead of NY.
EasyForexNews Research Team