JPY started in Asia with continued weakness, as dollar-yen opened at Y102.15 while euro-yen opened at Y138.66. Dollar-yen gained in early trade, powered along by a strong open in Japanese stock markets. The pair broke through last night’s Y102.20 high and traded Y102.29 as euro-yen also went through last night’s Y138.80 high to Y138.86. Yen pairs continued to hold near their morning highs through part of the morning but began backing away a bit amid some profit-taking and position adjustment ahead of the Thanksgiving holiday in the US. Dollar-yen offers near Y102.50 also capped the move and the slipped back toward Y102.00 later in the session as Japanese stocks also trimmed part of their earlier gains. Dollar-yen was last at Y102.10 while euro-yen was at Y138.69. The next key level for dollar-yen remains at Y102.50 where more barrier protective offers are believed to sitting, ahead of the importantY102.58 May 24 high. Further down, sell-stops are said to be lurking around the Y101.85/80 mark.
