The pair opened at Y101.47 this morning, just at the US session high traded on Friday and and then drifted lower in light dealings. Friday’s close below the 200-day moving average (Y101.71) marked the first time it has done so since October 24, 2013 and made the case for weaker dollar-yen through the morning today. Dollar-yen continued down to a low of Y101.26 from an early high of Y101.48. Good supply before the Tokyo fix weighed on dollar-yen though Japanese names paid the spot higher in early session but reported bids at Y101.20-28 supported a bounce to Y101.30. Dollar-yen remained heavy through the morning and was last at Y101.29. Focus now shifts to Y100.77-82 region with stops reported but strong demand noted at Y101.00 & Y100.80. Immediate support seen at Friday’s US low near Y101.35 with stops then seen below Y101.20, andstrong demand then noted toward Y101.00. Euro-yen meanwhile cross started the week at Y138.39 in Asia from a NY range of Y137.99 to Y138.48, the rate plunged to session low of Y138.20 from a early session high of Y138.45 and rebounded to Y138.29. Subsequently the cross was given at session low twice and was confined to Y138.20 to Y138.29, last at Y138.22.
