The pair started the week at Y103.28 in Asia morning while euro-yen opened at Y141.76, knee-jerk reaction after Tankan survey nudged both pairs higher to touch session high of Y103.30 & Y141.92 respectively before reversing lower after digesting the data. Weaker-than-expected HSBC China manufacturing PMI data found the market unwinding longs sending both pairs down to Y103.00 & Y141.66, pausing there before more offers continue to weigh on the rates and dollar bears pushed it lower to trigger stop-losses below Y103.00 (NY’s low last Friday) & Y102.90. The weak Chinese data and thinner market conditions pushed the rates down to hit a daily low of Y102.65 after pausing at Y102.84 and Y102.71, while more unwinding in euro-yen sent it to a fresh day’s low of Y141.22 before settling at Y102.85 and Y141.44 last. The euro-yen sitsnear last Friday’s low of Y141.42 before Europe steps in to digest the softer Chinese manufacturing PMI. Asian stocks fell led by the Nikkei as it declined 1.15% last.
