The pair opened at Y101.86 this morning and was held to a Y101.85/90 range in early dealings before drifting lower. Dealers said Japanese accounts were the main sellers early in the day, as US Treasury yields fell. The losses continued as Japanese stocks also opened lower with dollar-yen then sinking to a Y101.69 low minutes after. Meanwhile euro-yen started the day at Y138.58 and marked a marginal high of Y138.63 before turning back down. The cross fell to a session low of Y138.38 also a few minutes after the start of Japanese stocks but regained some ground after that. Euro-yen recovered to Y138.52 around mid-morning and extended to Y138.54 later in the session while dollar-yen also followed suit with a slight rebound to Y101.85. Dollar-yen waslast at Y101.82 while the cross was last at Y138.52. Dollar-yen bids are noted further down at Y101.60/50 and more demand cited layered down to Y101.00, but further rallies are expected to face profit-taking offers seen still in place from Y101.90 currently.
