The pair ran into fresh weakness as the final 2 days of 2013 began this morning in Asia, and looks set to close out the year near its lowest levels in more than 5 years. Today is the last trading day for the year for Japanese markets which will be closed from Tuesday, and will re-open on Jan. 6. Dollar-yen broke through Friday’s US session high of Y105.18 and reached a morning high of Y105.43, its highest since Oct 3, 2008. Euro-yen also maintained a bullish tone through the morning today, opening at Y144.66 and then breaking through Y145.00 again but failing to test last Friday’s US session high ofY145.31, reaching only Y145.3 in Asian trade this morning. Euro-yen was last at Y144.84 while dollar-yen was at Y105.35. The next target on dollar-yen charts is seen at Y105.50, a 61.8% retracement of its Y124.14-75.35 move, followed by Y105.80. Beyond that, the focus would then be now on a continuation higher that initially targets the Y106.90-10 region last seen back in Sept 2008
