The pair closed in NY Wednesday at Y103.14 after rate had seen extended highs of Y103.74 before dropping back to Y102.73 on reaction to Fed Bernanke comments, before rate recovered into the close. This recovery extended into early Asia, the rate pushing up from early posted lows of Y103.08 to Y103.57. Exporter sales off the highs began to press rate lower with the move lower picking up momentum as the Nikkei lost ground, the rate was able to press back below Y103.00 to Y102.48, with further equity losses extending this move into Europe to Y102.05 with rate holding a heavy tone. Decent demand is seen in place into Y102.00, more between Y101.70 through to Y101.40 with stops placed on a break of Y101.30. Euro-yen tracked dollar-yen moves, initially edging to overnight highs of Y132.87 before turning lower, the rate pressed down to Y131.09 ahead of Europe with recovery efforts remaining very shallow.
