USD/JPY rallied in early trade as the euro found early support, but soon slipped from the Y80.62 highs seen around the Tokyo fix, weighed by selling from Japanese exporters. The pair fell back to trade around the Y80.25 level, having bounced off lows at Y80.14. Traders noted light bids building around Y80.00/05, although spec stops are building around Y79.90. Offers above are starting to build from Y80.80 and are layered above from exporters. Traders also note option bids in the Y80.00 to Y80.20 range. EUR/JPY was higher as the single currency is pressured ahead of this week’s EU leaders summit, with early spec buying taking the cross to a high at Y101.24, with exporter selling again capping from there.
EasyForexNews Research Team