The pair started the day at Y103.88 this morning and then spent the early few hours between Y103.85 and Y103.89. It pulled back a bit to Y103.81 low minutes before Japanese stock markets opened but recovered to Y103.90 after that. A spike in euro-yen cross from lows near Y142.92 to Y143.19 high triggered a stronger move in dollar-yen, with the pair briefly poking through Y104.00 for a high of Y104.02. That was the first time it has been above Y104.00 since Jan. 23. The lack of follow-through as well as persistent offers near the high then drove dollar-yen back down to Y103.86 while the cross also retreated to Y142.94. Both pairs witnessed minor consolidation there before staging another rally in the late morning. This time dollar-yen hit some buy-stops above Y104.00 and got up to Y104.08 while euro-yen went to Y143.11. Dollar-yen was last holding near that high at Y104.01 while the cross was at Y143.10.
