A somewhat subdued Asian morning today with dollar-yen opening at Y101.96 and euro-yen at Y137.50, both in the vicinity of last Friday’s US session lows. Yen crosses saw marginal recoveries early in the session with dollar-yen getting a lift back through Y102.00 while the cross went up through Y138.00 for a Y138.15 high. Dollar-yen’s rebound took it to a Y102.42 high but the move lacked further follow-through with offers at Y102.50/60 then capping it. Dollar-yen eased off the high to Y102.34 in the early afternoon while euro-yen went to Y138.06. Immediate focus for dollar-yen remains on the key Y101.62 support level to start the new week with a close above Y103.50 needed toease the immediate bearish focus while a close above the 21-day moving average is needed to shift the focus back to the Y104.90-105.45 region. A close below Y101.62 sees overall focus shift lower to the Y99.10
