Closed in NY Friday at Y98.05 after rate had traded with a heavy tone through Friday’s session, the release of weaker than forecast US GDP data adding further weight that took rate to lows of Y97.56 (after Friday’s option cut). Rate recovered to Y98.33 before slipping back into the week’s close. Early buying into Asian trade saw rate push up to Y98.12 before settling just above the figure into the main Asian open (Japan closed). Dollar continued to hold soft following Friday’s GDP, with WSJ Hilsenrath comments expecting the Fed to continue easy monetary policies and FT note that Japanese investors are bringing money back onshore, acted to take rate through Y97.50, with triggered stops extending the move to Y97.35. Rate recovered through the balance of the session, trading around Y97.70 into Europe. Euro-yen tracked dollar-yen moves, touched an early high of Y128.04 before turning lower. Rate took out NY lows of Y127.15 before basing at Y127.06, recovering to Y127.50 into Europe. Dollar-yen offers Y98.10/20, Y98.50-70 then Y99.00. Support Y97.35 ahead of stronger interest into Y97.00.
EasyForexNews Research Team