The pair opened at Y100.96 in Asia this morning while euro-yen started near Y129.95 after hitting highs of Y101.27 and Y103.17, respectively overnight. Dollar-yen weakened early as speculative accounts took aim at sell stops around Y100.85/80 which drove the pair to a Y100.77 low while the cross sank to Y129.70. Dollar-yen recovered marginally as Japanese stocks opened 1.32% higher, at first to Y101.06 and then extended those gains to Y101.25 in the late morning as the Nikkei 225 held on to the gains and ended the morning in positive territory. The pair was last at Y101.15 as the European market gears up for its open, just off the high and facing rumoured exporter sell orders ahead from Y101.30, while euro-yen continued to languish around Y130, last at Y130.15 and just off earlier posted highs of Y130.19. Dollar-yen demand now seen placed into Y100.50 with talk of large stops positioned on a break of Y100.45. Exporter offers Y101.30-50.
