Japanese sales of euro-yen pre-Tokyo open triggered stops sub Y106.25, as well as pressing dollar-yen down to trigger stops sub Y81.90. Euro-yen bounced off its lows at Y106.18, pushing up to Y106.77 as the euro gained a general boost on the back of the confirmation from Eurogroup officials on the agreement to cut Greek debt to GDP to 124% by 2020, as well as agreeing the next aid tranche for December. This recovery lifted dollar-yen off its lows of Y81.86 to Y82.09, while euro-yen extended its recovery to Y106.89 and was seen holding firm into early Europe. Dollar-yen offers seen between Y8235/45 ahead of Y82.60/65. Bids seen into Y81.85 with stops through Y81.85/80. Further demand seen at Y81.70/60, more stops on break of Y81.45. Euro-yen offers seen placed between Y107.00/20.
EasyForexNews Research Team