The pair opened at Y101.63 and gained modestly in early trades to reach a Y101.77 high a few minutes before Japanese stock markets opened higher. Euro-yen also followed suit after opening at Y137.41 and then gaining to Y137.54. The gains were shortlived though as EM worries pulled the Nikkei 225 off the opening peaks, and yen crosses began to drift lower. Euro-yen pulled back to Y137.09 less than an hour after the Japanese stock market opened while dollar-yen eased to Y101.42. The pair extended the gains from around Y101.57 to a low of Y101.24 around mid-morning as the cross also dipped below Y137.00 for a fresh morning low of Y136.86. Dollar-yen recovered a few points as Japanese stocks started the afternoon session, and was last at Y101.45 while euro-yen was last at Y137.07. Immediate focus to the downside remains on the Y100.45-50 region, with a close below then seeing attention shift to Y99.10 support. Only a close back above the Y103.50 would confirm a break of the 21-day moving average at Y103.31 and shift the overall focus back to the Y104.92-105.44 region
