Dollar-yen closed NY at Y93.50 after recovering off a late Europe low of Y93.17. Similar with euro-yen as it too recovered into the close, moving up from Y121.13 to Y121.81, opening Asia around Y121.76. Early Asia saw dollar-yen trade within a range of Y93.30/55 before coming under pressure into the afternoon, the rate pressing to an eventual low of Y92.92. Early buyers had been spurred by positive equity markets, but the move up was countered by heavier macro supply, with some also pointing to Japan opposition refusal to back dovish Iwata as a deputy Governor at the BOJ. Rate was trading back between Y93.00/10 into Europe. Euro-yen managed to extend its recovery to Y121.87 before it too slipped lower, the rate marking a late session base at Y121.18 before recovering to Y121.40 into Europe. Traders have reported sell interest placed from around Y93.75 and said to extend toward Y94.00. Weak chatter suggests that a barrier has been placed at the figure, though no confirmation for this found. Asian demand noted between Y92.80/70.
EasyForexNews Research Team