The positive opening in China stocks provided risk with an early boost into Asian trade with strong demand for euro-yen leading the moves. Rate bounced off an early low at Y107.14, with stops through Y107.50 driven by US name buys for a macro account, with US custodial buys then taking it above Y107.65 before it touched a high of Y107.96. Corrective pullbacks have remained shallow, the rate trading around Y107.85 into Europe. Dollar-yen reacted to the euro-yen rally, the move up from around Y81.80 saw stops triggered on the break of Y82.00, the added momentum lifting it on to a high of Y82.34. Rate seen trading around Y82.25 into Europe. Offers in euro-yen seen into Y108.00, with support noted into Y107.50. Dollar-yen offers remain at Y82.35, with stronger interest seen into Y82.50. Support Y81.75-60.
EasyForexNews Research Team