Closed in NY Friday at Y81.30, the rate recovered of US afternoon pullback lows of Y81.15 after earlier printing highs of Y81.44 where once again strong resistance was met ahead of the Y81.50 barrier. The cross tracked dollar-yen’s extended recovery to Y103.69, before late profit take sales eased to Y103.55. Tokyo Spec names were noted buyers of yen crosses in early Asia and this lifted dollar-yen through the Y81.50 option barrier, flushing stops to highs of Y81.59. Momentum faded and the rate eased through the Tokyo fix on supply from Japanese names, profit take sales added weight and the pair eased to Y81.12. Late trade bounced to Y81.25 as dealers look ahead to the BOJ tomorrow, although it’s unlikely we will get any new easing measures ahead of the election on Dec 16. Euro-yen tracked early dollar demand and flushed stops through Y104.00 to print Y104.11, before easing after the fix and settle around Y103.75.
EasyForexNews Research Team