Opened in early Europe at Y78.43 and Y97.13 , the Global rally continued, Asian equities opened on a bid tone and extended gains, USD/JPY lifted on the back of this to Y78.65. Exporter sales weighed around the Tokyo fix, sharp cross supply added weight and USD printed session lows of Y78.34. Dip demand later recovered to Y78.45 and the pair settled in a tight range. EUR/JPY largely tracked EUR/USD moves with early demand in Asia lifting to Y97.80, profit take sales eased off highs, extending losses on exporter supply through the fix to Y97.25. Into Europe and USD/JPY continued stuck in a tight Y78.31-45 range. The pair ground lower throughout the session to Y78.31, before strong dollar sentiment lifted off lows and recovered to Y78.40. EUR/JPY eased in tandem with the dollar to Y96.73, before tracking EUR/USD semi-official demand back through Y97.00 to Y97.11. Traders reported of thin volumes and the pair stalled, easing to Y96.90 ahead of NY.
EasyForexNews Research Team