JPY opened at Y102.53 while euro-yen started at Y141.67. Dollar-yen bounced off Y102.44 twice in early dealings but was held up while yen cross also stayed firm amid reports of decent two-way interest in dollar-yen and other yen crosses. Gains were however also limited, with dollar-yen holding well below the Y102.71/74 highs traded in the last 3 sessions amid rumored sellers still placed higher. Japanese stocks opened with tiny gains and then reversed direction to end the morning slightly lower. Dollar-yen’s failure to move through Y102.70 erased any prospect of a move toward offers near Y103.00 today, while the 100-day moving average is still seen intact at Y102.97, and theIchimoku cloud top at Y103.07. Dollar-yen retreated further around mid-morning as Y102.44 gave way, and went to Y102.37 low soon after while euro-yen also deflated to Y141.47. In the early afternoon here, dollar-yen dipped further to Y102.30 and then to Y102.24, as Japanese stocks extended losses at the start of the afternoon session, and was last at Y102.32. Pres. Obama and PM Abe ended their news conference with no major impact on markets.
