The pair gapped higher at the open to Y97.63 in Asia this morning while euro-yen started the day at Y131.65. The US dollar was broadly supported through the early hours of the session following last night’s FOMC minutes and after President Obama confirmed his choice of Janet Yellen as next Fed chair. Dollar-yen gains tapered off and the pair eased to around Y97.33 before resuming its move higher as risk sentiment improved and carried yen crosses up also. That pushed euro-yen up to around Y131.85 in early trades before it esased to Y131.75. Dollar-yen consolidated part of its initial gains when it struck Y97.57 but got a fresh lift around mid-morning. The pair headed higher through the rest of the morning, breaking through last night’s Y97.65 high and triggering some stops before eventually marking a session high of Y97.78, as the cross also found fresh momentum to mark a Y131.97 high. Dollar-yen was last at Y97.78 while euro-yen was at Y131.94.
