USD/JPY opened in Asia at Y76.77 after NY highs of Y76.97 and continued to grind its way higher through exporter supply after an early low of Y76.75, taking out the NY high and some light stops to Y77.10. EUR/JPY added gains to yesterday’s NY high of Y101.99 trading up from early lows of Y101.67 through stops to Y102.11. In Europe USD/JPY traded a tight Y76.99-77.18 range. Dealings seen light from the offset with trade flat until Japanese name demand lifted dollar to Y77.18 ahead of the large bond auction tonight. Rate ran into exporter sales and eased to Y77.05, slipping further under Y77.00 to Y76.99, before settling around Y77.05. EUR/JPY traded a tight 45 pip range, tracking EUR/USD moves. The cross headed higher on the open to Y102.35 before running into semi-official supply. CTA’s and Middle-Eastern demand into the dip boosted the pair to Y102.44, before profit take sales eased to Y102.30. EUR/JPY corporate sales pressed the rate to fresh lows Y102.05, later recovering to Y102.20.
EasyForexNews Research Team