Closed in NY at Y78.70 off earlier Y78.78 highs. Month end demand in early Asia lifted dollar-yen to Y78.75, the move however was
countered by sharp aussie-yen sales printing a low of Y81.14. The pair extended losses through the Tokyo fix to Y78.65 and settled in a tight range. Markets had little reaction to weaker than expected Japanese Retail Trade and ground to Y78.60 in late dealings. Bids seen at Y78.30/25, ahead of importer/gamma demand at Y78.20. On the topside reported offers at Y78.80, a break here and expect strong resistance from exporters for month end flow. Euro-yen closed in NY at Y98.60 having slipped off earlier highs of Y98.82. The cross largely mirrored dollar moves, tied to a narrow Y98.52 – Y98.71 range with little in the way of action to inspire as focus remains on Jackson Hole. Bids seen at Y98.40/35, ahead of Y98.25/20. Strong offers reported at Y99.00, through here and more at Y99.20 with stops set on a break.
EasyForexNews Research Team