The pair started at Y102.51 in Asia Wednesday, retracing from NY’s high of Y102.56 and continued its bullish tone with Japanese names paying up the pair in early session. Strong dollar demand erased the Y102.50 barrier option easily, forcing the rate up to Y102.67 after it cleared offers at Y102.60 which was supported by a Japanese securities house aggressive buying on talks of a takeover deal by the Dai-ichi Life Insurance for Protective Life, worth $5.7 bln. Stronger USD index and firmer UST yields boosted dollar-yen further to hit an Asian high of Y102.81, stops were triggered above Y102.75 while exporters offers were noted from Y102.75/80 levels and further offers/stops are noted at/above Y103.00. The euro-yen cross started at Y139.69 retraced from a US session high of Y139.78, the cross continued its uptrend breaching the NY’s high to touch session high of Y139.96 and retreats to Y139.79 last. Strongerdollar-yen dragged euro-yen higher clearing offers at Y139.75/80, further offers are noted at Y140.00 while initial support lies at Y139.44 (21-dma) and demand seen at Y139.00.
