Opened in Asia at Y76.73 and edged up to Y76.82 in early trade before EUR/JPY and dollar sales from real money names combined to push the pair down to Y76.62. EUR/JPY failed to maintain a foothold above the Y100 level falling to Y99.84 from Y100.25. USD/JPY traded a very tight Y76.61-71 range throughout the European session as the pair failed
to spring into life. Strong demand of note from semi-officials seen through Y76.60/50 and supply at Y76.80/85 capping moves for now. EUR/JPY traded flat on the open before meeting demand and tracking EUR/USD higher to Y100.16. The cross ran into strong Asian supply and slipped back to opening levels. Semi-official demand briefly lifted the pair through Y100 but was unable to sustain momentum and eased back to Y99.85. A fresh bout of sales pressed the rate to fresh session lows Y99.70 as euro continues on a heavy tone with any bounces remaining shallow ahead of the NY open.
EasyForexNews Research Team