Closed in NY Friday at Y78.55 after pulling back from a session high Y78.77. The Global rally continued and Asian equities opened on a bid tone and extended gains, USD/JPY lifted on the back of this to Y78.65. Exporter sales weighed into the Tokyo fix, sharp cross supply added weight and USD printed session lows of Y78.34. Dip demand recovered to Y78.45 and settle in a tight range as traders look to the BOJ who meet later this week as speculation increases on further easing to weaken the yen. Support seen on the downside at Y78.30, ahead of Y78.10. Reported offers at Y78.75, stronger behind at Y79.00, ahead of key resistance at Y79.17 from the 200 Day MA. EUR/JPY closed in NY at Y97.25 and consolidated late European gains following better than expected US jobs data. The cross largely tracked EUR/USD moves with early demand in Asia lifting to Y97.80, profit take sales eased off highs, rate extended losses on exporter supply through the fix to Y97.25. Support seen at Y97.10, stronger behind at Y97.00, reported offers at Y97.80, stops set on a break of Y98.00.
EasyForexNews Research Team