Early demand for dollar-yen and euro-yen into the Asian session, with strong demand interest noted from returning Japanese accounts (Japan holiday Friday) into the fix, saw dollar-yen push to a high of Y82.62, while euro-yen targeted the barrier at Y107.00, with stops above triggered to take this rate on to extended highs of Y107.14. Post fix and yen regained part of its early losses, dollar-yen drifted off to Y82.20, euro-yen to Y106.50. Recovery attempts faltered at Y82.38 and Y106.76 before heavier sales emerged to press rates down to Y82.07 and Y106.26 respectively. This corrective pullback was seen despite the release of dovish BOJ Minutes which proposed strengthening the commitment to the current easing. Dollar-yen support remains in place toward Y82.00, with Japanese accounts noted buyers into dips. Euro-yen demand seen into Y106.00.
EasyForexNews Research Team