JPY started at Y102.53 in Asia Tuesday from US session of Y102.39-Y102.59, the spot made a minor bounce to daily high of Y102.57 before sliding down to session low of Y102.30. The euro-yen opened at Y139.37 from a NY’s range of Y139.27-Y139.47, bounced to session high of Y139.43 before dipping down to session low of Y139.00. Dollar-yen turned heavy with lower UST yield, breaching Europe/NY low of Y102.38/39 and dragged down by lower euro-yen as the cross corrects lower from yesterday’s high of Y140.09 to hit fresh session low of Y138.98 in early noon Asia. Euro-yen weakness continued post ECB’s Noyer’s comments, bears forced the cross to breach NY’s low at Y139.27 and demand at Y139.20 & Y139.10/00 failed to stall the descend. After a false break yesterday, euro-yen continues to pullback lower on long liquidation breaching 21-dma at Y139.20 on approach to 200-dma at Y138.68. Dollar-yen approaching 100-dma(Y102.27) & 55-dma (Y102.24) ahead of demand at Y102.00 while medium offers noted at Y102.75/80. The pairs rebound to Y102.33 & Y139.05 last.
