Opened in early Europe at Y78.20 and Y95.30, USD/JPY slipped in early Asia as equities opened sharply lower, macro account supply added weight and the pair printed Y78.07. US name demand cushioned the move around the Tokyo fix and recovered to Y78.20 where the pair continued in consolidation mode. EUR/JPY largely tracked EUR/USD in Asian trade, opening heavy to Y95.03 around the fix before bouncing to Y95.20. The pair extended gains to Y95.30 on Asian sovereign demand with focus on today’s US employment report. USD/JPY had a very quiet European session with trade stuck in a tight Y78.19-28 range. Offers reported at Y78.25/30, stronger behind at Y78.50, with demand seen at Y78.10, ahead of Y78.00. The cross tracked EUR/USD extended recovery, opening at Y95.30 and lifting to Y95.50 in early trade. The pair consolidated gains before another wave of strong demand nudged to Y95.80 on unsubstantiated market rumours of an ECB conference doing the rounds, later easing on profit take sales.
EasyForexNews Research Team