The pair stride into subdued Asia session at Y102.39 while euro-yen at Y141.07 and both pairs traded within a tight range of Y102.30 to Y102.46, Y140.98 to Y141.17 respectively. It was a relatively quiet session with Japan markets closed for Spring Equinox holiday today and markets take a breather going into the weekend. Traders turned their attention to yuan fixing and USD/CNH was sold down after a less-than-expected lower fixing, prompting long liquidation. Offers started to emerge in dollar-yen but the rate halted at 21-dma at Y102.30 before rebounding higher to Y102.35 currently and ahead of leveraged demand reported at Y102.20/25 level. Offers are building up atY102.45/50 area as the rate stays below 100-dma at Y102.49 – Y102.49/55 (Asia/Europe/US intraday high). Offers in dollar-yen dragged euro-yen lower to hit low of Y140.98 before a bounce to current of Y141.08. Meanwhile the cross confined to 55-dma at Y140.73 and 21-dma at Y141.30 before Europe steps in.
