The USD/JPY opened at Y76.96 and traded a Y76.92-77.08 range collared by exporter offers from Y77.10 up to Y77.40. EUR/JPY tracked EUR/USD gapping down on the opening at Y99.02 from a Friday close of Y99.45 following indecision over the Greek PSI debt, dipping to lows of Y98.92 before staging a recovery to Y99.44. USD/JPY lifted on the European open to Y77.08 and flirt with the Asian high, before easing to Y77.04 and trade a tight range. Late into the session rate pressed lower through Y77 to Y76.88 ahead of the NY open. EUR/JPY lifted to Y99.50 in early dealings on EUR/USD Asian sovereign demand. Cross was given an added boost to Y99.73 on Middle-Eastern demand before easing on profit take sales to Y99.60. Trade seen flat and the pair eased further to Y99.40 before spiking to Y99.84 on comments from a German lawmaker. EUR/JPY continues on a bouyant tone and will be looking for a clean break of Y100 into NY.
EasyForexNews Research Team