The pair opened at Y101.64 this morning while euro-yen started at Y138.64. Early dealings saw dollar-yen slip to Y101.59 and then lost further ground to Y101.55 a few minutes after the release of Japanese machinery orders and CGPI data. There was a small bounce seen there to Y101,63 but losses resumed after that. Dollar-yen fell to Y101.51 and euro-yen followed suit, as it too gave ground to Y138.51 lows low after the earlier high of Y138.68. Dollar-yen has seen little recovery off the Y101.50 low as euro-yen also continued to trade down at Y138.59 following the release of weaker-than-expected China trade data. Dollar-yen last trades at Y101.55, off the Y101.50 low while euro-yen traded at Y139.54. For now, dollar-yen sellers remain in place toward Y102.00, while bids are seen holding the downside at the Y101.45/40 zone with further strong demand noted at Y101.10/00, some talk of semi-official interest also noted down there.Ahead, while the Y101.95 resistance level caps, a retest of the Y101.24 June monthly low can’t be ruled out and then the key Y100.75-82 region below. Stops are noted topside above Y102.00 and on the downside below Y101.20.
