Opens at Y101.79 and then slips to an early low of Y101.63, almost matching last night’s Y101.62 US session low before bouncing again to Y101.77, just about where it had started the day. Some talk earlier of strong bids sitting at Y101.50 managed to contain the move lower, halting its just shy of rumored stops lower. The pair initially failed to break above the morning high of Y101.82 on the rebound but eventually cleared that for a high of Y101.99. Euro-yen meanwhile started at Y139.12 and tracked dollar-yen’s brief retreat, to trade a Y138.95 low. The cross also rebounded after that, getting up to Y139.36 before euro weakness capped the move. Dollar-yen was last at Y101.82 whileeuro-yen was at Y139.12. While the Y102.83 level caps dollar-yen, potential remains for a deeper correction that targets the Y99.10 level that supported in early Nov. The immediate downside focus is on a retest of the Y100.95 low from Nov 22. There are immediate offers in dollar-yen atop the morning high, at Y102.20 and Y102.40, dealers say.
