Flash: USD/JPY uneventful overnight / BTMU

FXstreet.com (London) - Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that the USD/JPY rate has had another uneventful Asian trading session.

He comments that spot remained in a 40pip range (until London came in), similar to the size of the range during yesterday’s Asian trading session. He continues, commenting that the big move came during London trading yesterday as Portugal raised concerns over euro-zone stability which pushed EUR/JPY lower and USD/JPY with it too. He suspects that it could be the same today with the ECB monetary policy meeting an event that could result in greater volatility this afternoon.