JPY experienced narrow trading ranges in a quiet European morning session. USD/JPY traded on a firmer footing after failing to break through 114.50 in Asia. Sovereign name demand was noted at the lows and this encouraged European name buying.
The pair drifted in a narrow range for a large of the morning, with bias turned to the topside amid ongoing dollar buying out of Asia. The pair moved through 115.00 and cleared some stops above 115.10. Offers from Japanese exporters and a trust bank kept the topside in check leaving offers at 115.20 intact. EUR/JPY took its influence from EUR/USD. The cross broke through 152.50 stops after EUR/USD moved through 1.3275 and down to 1.3260. EUR/JPY recovered from a 152.39 low to settle around 152.60 and USD/JPY traded around 114.85 ahead of the North American open.
The market looks poised to trade on a quieter footing into the European open, with limited US data releases. The US ADP employment report 1.15GMT may offer some potential for movement in the absence of large data, particularly with US NFP data due on Friday.
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