Yen had traded with a soft tone through Wednesday’s NY session, dollar-yen getting pushed to session highs of Y96.13, off an earlier low at Y94.83, while euro-yen touched a high of Y124.50, off lows at Y122.04, before both closed off best levels at Y96.03 and Y124.23. Dollar-yen managed to edge to an early high of Y96.11 in early Asia before it stepped its way down to Y95.67 into Europe. Euro-yen saw a similar move, touched a high at Y124.38 before drifting off to Y123.76. Asian traders noted that Japanese exporters provided the main sell interest off the early highs. Focus will turn to BOJ Governor Kuroda inaugural comments at 0900GMT for clues about potential easing at the next BOJ meeting Apr4. Release of Japan Feb trade balance earlier in the session showed a further deterioration, the deficit having extended above Y1tln.
EasyForexNews Research Team