Dollar-yen closed in NY at Y96.14 after rate had recovered to Y96.26 from earlier lows of Y95.44. Rate came under pressure in Asia, local traders noting mainly repatriation flows ahead of FY end (end March), the rate pressed to lows of Y95.69, with real money supply also noted into that mentioned low. Rate then recovered to Y96.08 before it settled around Y96.00 into Europe. Similar action ion euro-yen in Asia, the rate easing away from its NY close at Y124.56, broke under its NY low at Y124.18 before posting lows at Y124.06. Rate recovered to Y124.42 before settling around Y124.30 into Europe. Ichimoku analysts continue to see support for further upside progress, recent highs at Y96.70 the initial target ahead of Y98.60. However, end month yen demand could provide a decent counter. The lower house in the Japanese parliament verified the three proposed heads of the BOJ, now awaiting upper house but expected to get through. The proposed Mar20 takeover seen in focus for any policy moves.
EasyForexNews Research Team