The pair opened at Y104.56 this morning in Asia, just off last night’s Y104.70 high seen during the US session. The pair witnessed a choppy start to the morning with dollar-yen getting whipped about but in a fairly tight Y104.56 to Y104.67 range following the release of CGPI and machinery orders data, as well as remarks by BOJ governor Kuroda. Early bids spotted at Y104.40/35 region provided dollar-yen with the initial lift off the opening low soon after Japanese stocks also opened higher. The pair broke through the overnight Y104.70 high and went up to Y104.81 where it stalled briefly. Gainsresumed after that and dollar-yen went to a Y104.93 high before running into strong selling interest at Y105.00/05. Dollar-yen was last at Y104.74, with this morning’s gains seen supporting a case for a retest of last Friday’s pre-NFP highs at Y105.34 and the five-year-plus highs of Y105.44, seen Jan 2. Euro-yen meanwhile opened at Y142.25 early this morning and went bid soon after, thanks to dollar-yen gains initially and then as it rode on euro-dollar’s rise. The cross was last at Y142.67, after a Y142.18 to Y142.91 range.
