The pair opened at Y102.56 at the start of the Asian session today while euro-yen started the day at Y140.22. Dollar-yen witnessed a slight pullback to a Y102.48 low before it then took its cue from a rebound in yen crosses to trade on an upward trend through most of the morning. Euro-yen meanwhile also climbed as risk sentiment reversed and regional stock markets recovered from yesterday’s losses. The cross went up to Y140.44 and then to Y140.48 before stumbling again to Y140.18. Yen crosses recovered quickly after that, and euro-yen went through the initial highs to Y140.57 in the late morning. The move inspired a stronger dollar-yen rally, with the pair then rising through the earlier Y102.70 high to Y102.77. Dollar-yen was last at Y102.69 while euro-yen was at Y140.43. Stops are noted above Y102.93 with a close above that needed to ease the current bearish pressure that is targeting a test of the Y101.62 Dec 5 low. Overall a close above the Y103.86 level is needed to shift focus back to retests of the Y104.92 level
