JPY started the Asian currency after a weak overnight session which saw dollar-yen peak at Y101.16 and euro-yen at Y136.40 during the US session. Dollar-yen resumed its uptrend this morning after it opened at Y101.08 and soon took out the overnight high as Japanese stocks also rebounded from yesterday’s falls. Euro-yen also traded higher from its Y136.15 opening level. Comments from BOJ governor Kuroda early this morning did the yen no favors and dollar-yen gained further after Kuroda said he doesn’t think the current yen weakness is excessive, touching a Y101.37 high as it broke above a rumored Y101.50 barrier while euro-yen went up to a new four-year high of Y136.56. Yen pairs backed off from their respective highs into the late morning on consolidation ahead of the weekend but the overall bearish yen tone is seen persisting into the the rest of the global session today. Dollar-yen was last at Y101.23 while euro-yen was at Y136.29. A failure to make further significant gains above Y101.50 is likely to bring the focus back to the Y100.00 for dollar-yen while a look at euro-yen charts suggests the next topside target will be the Oct 26, 2009 high around Y138.50
