Opened in early Europe at Y77.20 and Y102.67 Opened in Asia at Y77.04 after recovering from lows of Y76.71 in London yesterday on some heavy exporter selling. The USD held firm in Asia this morning after early falls were contained at Y76.99 and built higher with EUR/JPY to Y77.23 tripping some light stops en route through Y77.20. EUR/JPY opened at Y102.16 and after an early dip to Y101.85 began a steady ascent with the EUR/USD back up to Y102.75, triggering stops through Y102.55. In Europe USD/JPY continued stuck in a tight Y77.14-24 range with technical resistance from the Ichimoku Cloud Base at Y77.26 seen pivotal for a move higher. EUR/JPY slipped in early dealings to Y102.50 on semi-official supply before tracking EUR/USD and bouncing to Y102.70. Rate traded flat before spiking lower to Y102.38 on headlines that there will be no decision on Greece in tonights FinMin meeting. Demand met and the pair lifted to Y102.50 before heading lower once again ahead of the NY open. Traders note of shallow bounces as euro continues on a heavier tone than of late.
EasyForexNews Research Team