The pair closed in NY Thursday at Y97.98 after rate had been driven to session highs of Y98.39 from around the Y97.20/25 area on reaction to the ECB rate cut, dropping back to Y97.60 on Draghi comments on negative interest rates, with moves mainly driven via euro-yen. Rate touched a low of Y97.90 in early, Japan holiday, trade with recovery efforts (seen prompted by the higher than expected yuan fix) only able to edge rate back to Y98.08 before rate settled into a tight range around Y98.00 into Europe. Yen seen as the main reactor to US employment today later today (140k median), with moves to be driven on UST yield. Dollar-yen offers seen into Y98.40/50, with main support noted back down on approach to the Y97.00, an Asian sovereign continuing to be noted in this area, stops now having built below between Y96.90-70. A few suggesting that a break and close below Y96.71 to open a deeper move back toward Y95.60/50.
