Opened at Y79.96/101.50 after Y79.40/97 and Y100.55/101.54 overnight ranges. JPY was defensive again overnight and that trend continued in US dealings with USD nudging above Y80.00 as EUR/JPY tested to Y101.63 as stops above Y80.00 and Y101.50 were tripped. Dollar pair extended steadily higher amid heavy flows, lifting to Y80.33 around the London fixing event and reflecting broadening dollar strength, even as euro weakness sent the cross skidding lower for trade to Y100.85 around the same time. EUR/JPY losses continued into midday/early afternoon with losses to Y100.51, sapping some energy from the dollar pair for a dip to Y80.05 that quickly corrected as fresh dollar buying emerged. With dollar on an upswing elsewhere, dollar-yen regained Y80.30 ahead of the IMM close, eventually lifting EUR/JPY to Y100.90 before a late euro sell-off left the cross at Y100.70.
EasyForexNews Research Team