JPY started this morning with very small losses, as dollar-yen opened at Y101.57 while euro-yen opened at Y139.14. Early dealings saw dollar-yen trade a Y101.49 low before recovering a bit toward Y101.60 after the release of Japan’s machinery orders data. It however failed to make much ground beyond that, as Japanese stock markets opened lower and dollar-yen eased to Y101.53 after that. The pair spent the rest of the morning shuffling within that Y101.53 to Y101.60 range while euro-yen held a Y139.05 to Y139.20 range. Dollar-yen marginally extended the high to Y101.61 while the cross went toY139.27 in the late morning. Dollar-yen then turned back as the Nikkei 225 also slipped back into positive territory in the afternoon session, falling to a fresh low for the day so far of Y101.46 while euro-yen sank to Y139.05. Dollar-yen was last at Y101.48 while the cross was at Y139.07. Dollar-yen traded a high of Y101.68 last Friday and is seen needing a recovery back through that high before it can attempt a move to take out rumored stops at Y101.70 and offers at Y101.80 and Y102.00.
