The pair closed in the US at Y99.68 before then skidding to a low of Y98.20 in the wee hours of Thursday trading after Bernanke’s comments. Demand for the Tokyo fix lifted the pair back up to Y99.62 before technical accounts and short-term players offloaded against the pair again, driving the pair down to around Y99.20/12. The BOJ’s policy announcement was largely as expected and that pushed the pair further down, through Y99.00 and then back to Y98.48 before it recovered again. Dealers said demand placed below the Ichimoku cloud base at Y98.15 and then at Y98.05/00 kept a floor under the pair, helping to fuel a mild rebound toward Y99.00 near the end of the morning, and it was last traded at Y98.78.
