Opened at Y79.63 in Asia and was jostled about by cross moves as the market hung on any headlines, and fell to Y79.53 as EUR/USD sales on the back of an FT article showing reluctance from some EU states to ratify the deal initially weighed on EUR/JPY. USD then found solid support towards Y79.50, and moved higher to Y79.81 before later easing back to Y79.55. Offers sit from Y79.80 up to Y80.00 (barrier) with stops set on a break of the level. Euro-yen fell to Y105.04, bouncing to Y105.50 before hedge fund sales pushed the pair back down to Y105.17. The pair then soared through stops at Y105.75 to Y105.97 as Brussels announced completion of the deal. Profit taking then led a move back down to Y105.50/55. AUD/JPY was mixed in a Y85.17-72 range with the pair weighed down by reduced aussie risk sentiment and some hedge fund sales in AUD. GBP/JPY built higher from early lows of Y125.91 to Y126.49. Fin Min Azumi stressed the Eurozone needed to make greater efforts towards dealing with debt, and added that Japan and China would cooperate in helping to tackle the issues.
EasyForexNews Research Team