Another of mild JPY gains amid the ongoing risk averse environment, as dollar-yen opened at Y101.97 and euro-yen at Y138.74. Early market action helped dollar-yen up marginally toward the Y102.00 mark on demand for the Tokyo fix but it failed to break above. The ongoing risk-off tone then pushed dollar-yen off its perch and down to a Y101.85 low as Japanese stocks also traded in negative territory. Euro-yen also sank in early dealings hitting a low of Y138.55. Dollar-yen has since seen a limited recovery and was last at Y101.90 while the cross was at Y138.61. The main cluster of dollar-yen sell orders are still noted above the Y102.22 100-day moving average from around Y102.50.Support also still seen intact at Y101.80/70.
