In the European foreign exchange market on the 2nd, USD/JPY paused after rising, standing at ¥157.90 as of 10:00 p.m. The yen strengthened by approximately 5 sen from 8:00 p.m. In contrast, EUR/USD was slightly higher at $1.1212, while EUR/JPY was ¥177.05 and searching for direction.
In the European market on the 2nd, USD/JPY settled after testing levels just below ¥158, trading at ¥157.90 as of 10:00 p.m. It failed to break above the ¥158.00 high recorded at 8:00 p.m., and continued to move sideways near its highs around ¥157.90.
EUR/USD was slightly higher near $1.1212, with the market continuing to wait for the opening of New York trading. EUR/JPY was at ¥177.05, a relatively high level, but continued to lack direction.
The day's ranges were indicated as ¥157.46–158.00 for USD/JPY, $1.1152–1.1237 for EUR/USD and ¥175.55–177.26 for EUR/JPY. Future direction could be influenced by developments in New York trading, U.S. economic data and comments from monetary authorities.
Trading around the ¥158 milestone and dip-buying at lower levels are intermingling, suggesting that range-bound trading is likely to continue.