Massive EUR/JPY buying was the main feature overnight and this helped USD/JPY to chew through some hefty corporate offers. As it’s March and Japanese financial year end, we are likely to see consistent JPY buying from Japanese corporates as they repatriate profits.
It’s Friday and it’s Asia, so don’t expect any fresh momentum from this session which is traditionally a risk-averse one.
Next batch of heavy corporate offers reported at 82.60/65; break-up level overnight was 81.95. I’d suggest this as a trading range for this session.