The pair closed in NY Thursday at Y98.20 with early trade into Asia contained within a range of Y98.11/35. Rate was given a boost off the post Tokyo fix low of Y98.11 as Japan’s Aso commented that he had heard no opposition at G20 to the BOJ’s monetary policy. This comment prompted decent demand in yen pairs, taking dollar-yen to session highs of Y98.68, euro-yen to Y128.94, before upside momentum faltered. Talk of decent sell interest placed from Y98.80 through to Y99.00 (Japanese exporters and macro interest) prompted some profit take sales into the falter which pressed dollar-yen back to Y98.40, euro-yen to Y128.55. Dollar-yen settled backa round Y98.50 ahead of Europe, euro-yen around Y128.70/80. Yen remains open to further headline driven trade as the G20, World Bank-IMF meetings continue, with no tier-1 data due out of the US today. Coming into the weekend some position adjustment could be seen later. Dollar-yen has stops placed at Y99.10, though if triggered expected to meet further sell interest placed from Y99.20 and which is said to extend toward Y99.70. Strong offers remain ahead of Y100.00. Support Y98.10/00, Y97.80 with stops below.
EasyForexNews Research Team