Failed a clean break of Y79.50 in the US afternoon Friday, the rate lifted to Y79.44 before meeting strong exporter offers ahead of the barrier. The pair stalled and closed at Y79.29. Dollar-yen opened flat in Asia, release of weaker than expected Japan trade data failed to inspire and the pair continued in a tight range. Market talk the BOJ may loosen monetary supply boosted the dollar to Y79.40. Rate extended gains through the 200 dma and Y79.50 barrier, flushing stops to print highs of Y79.63. The underlying tone remains buoyant with tech resistance at Y79.66 (August high), ahead of strong offers into Y79.80. Euro-yen tracked dollar moves and lifted to Y103.62 in early NY, before sliding in tandem with euro-dollar to close around Y103.28 as market sentiment turned. Euro-yen opened heavy in Asia and slipped to Y103.13, before finding support in the dip and a slow grind higher to Y103.50. The cross tracked late demand in dollar-yen to make a show above Y104.00 and print Y104.02. Profit take sales eased to Y103.90 ahead of Europe with strong offers reported into Y104.20.
EasyForexNews Research Team