The pair started the morning under selling pressure, dollar-yen opening at Y102.24 and then gaining to Y102.37 on demand from Japanese accounts after the overnight close in US stocks sparked expectations of a similar rise in Japanese stocks. Dollar-yen largely ignored the release of the BOJ’s minutes of its Jan. policy meeting but continued to gain as the Nikkei 225 indeed opened up 1.17%. The pair broke through the overnight Y102.43 US session high and took aim at rumored demand at Y102.50. That level gave way fairly easily and dollar-yen got up tp Y102.54 before sellers at Y102.60 then slammed the door on the move. Dollar-yen has since continued to hover just off thathigh, and was last at Y102.50. A close above the Y102.74 level is needed to end hopes of further downside tests and see focus shift higher to the Y103.44-86 region. Euro-yen meanwhile opened at Y140.31 this morning and rose to Y140.56 a few minutes after Japanese stocks opened. The positive risk sentiment and rising dollar-yen then pushed euro-yen up to a Y140.67 high before dollar-yen’s move stalled. The cross was last at Y140.57
