The pair started on a slightly firmer footing this morning as dollar-yen slipped after opening at Y102.04 while euro-yen started at Y140.63. Anticipation of a weak Japanese stock market open and fiscal year-end flows put pressure on dollar-yen, pushing it first to Y101.86 and then to Y101.80 after the Nikkei 225 officially opened. Euro-yen also retreated to Y140.35 initially. Japanese names then sold dollar-yen further down, this time triggering some stop-loss selling at Y101.75 for an eventual low of Y101.72. Thepair consolidated for a bit down there and then recovered as those same Japanese accounts bought back the pair. It climbed back through Y102.00 while euro-yen also staved off a retreat toward Y140.00 after it traded a morning low of Y140.27. Dollar-yen edged back up to Y102.06 in the early afternoon, just about where it had started the day while the cross was also not much changed at Y140.66. Both pairs subsequently extended gains as Japanese stocks reversed earlier losses, to last trade at Y102.17 and Y140.84, respectively.
