The boost to risk provided by the Greek election win by pro-bailout parties led to USD/JPY and EUR/JPY pushing higher into Asian Trade Monday. EUR/JPY rally was driven by EUR/USD, as well as long yen positions getting pared, the rate having closed NY at Y99.50 was taken up to Y100.10 with continued demand into the Asian trading session moving it on to Y100.85. USD/JPY closed in NY Friday at Y78.68, marked up to Y78.79 before being taken on to Y79.30. Both pairs drifted off highs, EUR/JPY finding support ahead of Y100.40, while USD/JPY met support between Y79.10/00. Rate currently trade around Y100.65, Y7920. Traders report that decent demand interest now seen placed from Y79.00 through to Y78.50, while offers are noted from above
Y79.50. In the cross, offers seen placed from Y100.85 through to Y111.00. Support seen between Y100.50/40 but technical traders will be aware of the gaps left from Friday into Monday and will look for them to be closed. Traders now await reaction European officials reaction to the Greek result.
EasyForexNews Research Team