The pair started this morning at Y103.06 while euro-yen opened at Y142.86, just off a Y142.91 high. With the euro marking strong gains since last night’s ECB decision and ECB president Draghi’s news conference, euro-yen got an early lift to Y143.00 and dollar-yen followed suit by re-visiting the NY session high of Y103.17 early this morning. The pair failed to break above that as the move stalled on rumored sell orders near the 21-day moving average (Y103.21) and at Y103.50. Dollar-yen eased to Y103.02 but was held up by positive sentiment following a positive open in Japanese stock markets while the cross was also held up near Y142.95. But a rapidly declining aussie-yen cross then pulled dollar-yen lower with the aussie taking a blow from comments by the RBAgovernor. Dollar-yen then slipped back below Y103.00 as players then offloaded longs ahead of tonight’s US nonfarm payrolls data and the approaching weekend. Dollar-yen was last at Y102.94 with euro-yen at Y142.65, both slightly below where they had started the day. Ahead, dollar-yen’s move higher has seen bulls now initially targeting the Y103.44-86 region.
