The pair marked small gains this morning in Asia, with yen pairs taking their cue from moves in Japanese stock markets. Dollar-yen opened at Y while euro-yen started at Y139.77. Early market action was largely subdued though the cross managed a respectable rise to Y140.07 high soon after Japanese stock markets opened slightly higher. Dollar-yen also followed suit, peaking at Y102.41 roughly about the same time that the main Japanese index traded its high for the morning. Euro-yen and dollar-yen however began to turn lower as the benchmark Nikkei 225 began to pare early gains. The Nikkei ended the morning down 0.69% and started the afternoon session extending the early losses to over 1.60%. Dollar-yen drifted to a session low fo Y101. whileeuro-yen also fell to Y139.08 in the afternoon. Dollar-yen was last at Y101.84 and still holding a soft tone ahead of the Japanese stock market close while euro-yen was last at Y139.31. Dollar-yen is now seen needing a break back above the 21-day moving average at Y102.66 to encourage further bullish momentum.
