Opened in early Europe at Y79.45 and Y99.30, a lackluster session for the yen in Asia as forex markets sit rangebound ahead of the EU leaders summit set for later in the week. USD/JPY opened at Y79.45 and eased to Y79.35 on some exporter supply, before grinding higher to settle in a tight 20-pip range. EUR/JPY largely tracked EUR/USD and with little on the domestic Tokyo calendar the cross was caught in a tight Y99.06-43 range. The pair settled around Y99.31, toward the upper end of the session, but volumes were seen light. USD/JPY opened in Europe at Y79.45 and headed higher to Y79.60, cross yen demand extended gains to Y79.67, before late profit take sales eased to settle around Y79.50. Support seen at Y79.35 from the Asian low with with offers at Y79.70 capping moves. EUR/JPY lifted to Y99.61 on the open, before exporter supply pressed the rate to settle mid-range around Y99.35. Strong support on the downside into Y99.00, more bids behind at Y98.85/75. Topside offers reported at Y99.60/65, stronger at Y99.90 and Y100.00.
EasyForexNews Research Team