The pair opened at Y104.22 this morning and climbed in the pre-dawn Asian hours to a Y104.33 high and was then sold down in the early few hours. It slipped below Y104.20 a few minutes after Japanese stock markets opened lower and then moved further down to Y104.00. There was some mention of worries about US-Japan relations following local elections in Okinawa but Japanese accounts were said to be happily bidding dollar-yen off Y104.00, ignoring the purported concerns. When that fizzled out, dollar-yen retreated further to a Y103.86 low before improved risk sentiment carried euro-yen higher, and dollar-yen followed suit with a slight revival to Y104.10. The cross itselfweakened after trading a Y141.19 high early this morning, falling to Y140.60/50 soon after the Japanese stock market open and dropped further to Y140.33 low. Dollar-yen was last at Y103.98 while euro-yen was at Y140.65. For the cross, a close below Y140.49 sees immediate focus shift to a retest of the Y138.30 level. For dollar-yen, there are further bids cited down at Y103.80 and then toward Y103.50
