Opened in early Europe at Y78.29 and Y96.18 Opened in Asia at Y78.25 on a quiet tone and largely ignored weaker than expected Q2 GDP data which came in at 0.3%. The pair lifted in tandem with EUR/JPY to Y78.36, before settling around Y78.30 as the USD was largely rangebound with traders out for the start of the O-Bon holidays. EUR/JPY opened at Y96.15 and slipped in early trade to Y95.94, before strong demand from a US name in EUR/USD boosted the cross to Y96.38. Late profit take sales eased to Y96.25 as volumes continued light. USD/JPY ground lower throughout the European session to print Y78.16 before a bounce in EUR/USD led the recovery off lows to Y78.23 ahead of NY. Bids seen at Y78.15/10, stronger behind at Y78.00 with stops set on a break. EUR/JPY continued from Asia with tight range trade the play, before easing with the dollar to Y96.01. Support met in the dip and the cross lifted to Y96.15, extending the recovery pullback to Y96.40 on EUR/USD clean break of $1.2300. Offers seen at Y96.50,
stronger behind at Y96.70.
EasyForexNews Research Team