Opened in early Europe at Y76.91 and Y98.14 Another uneventful session for dollar-yen in Asia overnight as the pair continued to wallow in very tight ranges. EUR/JPY eased on
Japanese sales from Y98.20 to Y97.93 abetted by some EUR/USD sales from a US macro account. The quiet theme continued into Europe with USD/JPY hemmed into a very tight Y76.89-96 range, looking for a clean break and the next move. Demand from semi-officials through Y76.70/50 and techncial resistance at Y77.18 from the 100 day MA, capping moves for now. EUR/JPY opened on a buoyant tone, climbing to Y98.25 with semi-official EUR/USD demand seen in early dealings. Middle-Eastern demand boosted the rate further to Y98.36 before running into strong supply and easing to Y98.25. The cross traded flat for the most before tracking EUR/USD to post fresh session highs Y98.38, the pair was unable to sustain momentum and eased to Y98.25, later pressing lower to Y98.10 as market sentiment turned. EUR/JPY bounced off lows to currently deal Y98.17 ahead of the NY open.
EasyForexNews Research Team