Dollar-yen closed in NY at fresh 4 month highs of Y80.34, the rate recovered from a pullback low of Y79.95 after slipping on denied talk of a US downgrade. Euro-yen largely tracked dollar moves and slipped to Y103.53, before demand in the dip aided the extended recovery throughout the US afternoon to close around Y103.95. Dollar-yen ground higher on the Asian open to Y80.38, before meeting strong supply from Japanese banks, US name sales added weight and the pair eased to Y80.17. Demand ahead of the Tokyo fix was met by sharp cross sales and dollar extended the recovery pullback off session highs to print Y80.00. Support in the dip tapped higher as the pair looks to consolidate recent session gains and hold above Y80.00. Early demand lifted euro-yen above Y104.04 in light Asian trade, before falling in tandem with the dollar ahead of the Tokyo fix. Cross sales weighed in afternoon dealings and the pair sat heavy around session lows of Y103.50.
EasyForexNews Research Team