JPY opened at Y101.70 and euro-yen at Y137.83 on Friday 13th in Asia, from NY’s range of Y101.61-Y102.14 & Y137.73-Y138.18. The pairs corrected higher from NY lows to initial highs of Y101.84 & Y138.04 in early trade, on reported strong demand before the fix from Japanese name & macro name in dollar-yen. Short covering in euro crosses supported the euro-yen and dollar-yen ahead of Y101.99 (21-dma) & Y102.21/23 (55-dma & 100-dma). The currency pairs spiked higher in early afternoon Asia to fresh high of Y102.02 & Y138.27 from session low of Y101.66 & Y137.75, after a local news wire reported Japan PM Abe to announce corporate tax cut on Friday. Dollar-yen breached the 21-dma while reported euro-yen supply at Y138.15/20 slowed both pairs beforeEurope steps in. Euro-yen bulls need a breach of yesterday’s high of Y138.34 to negate bearish pressure, for move to 200-dma at Y138.78 ahead of more supply at Y138.50 and demand/stops noted at Y137.50. Strong offers at Y102.50 could capped dollar-yen’s advance but dollar bulls eye a retest of yesterday high of Y102.14 for test of 55-dma & 100-dma. The pairs holding firm at Y101.99 & Y138.24 last.
