The pair started the morning at Y101.67 and early trade was largely sideways with the pair sticking to a Y101.65 to Y101.71. Moderate demand for the Tokyo fix kept dollar-yen support near Y101.70 but these gains were then given back after the fix. Dollar-yen slipped below the initial Y101.62 low and the downmove then accelerated a bit to Y101.54 and then to an eventual low of Y101.51. Dealers noted the presence of stubborn offers from Y101.80 up to Y102.00, with fresh selling also reported coming in from Japanese exporters. Dollar-yen has since failed to make any kind of significant rebound off that low and was last traded at Y101.54. A close below Y101.41 would shift the focus back to the Y100.75-82 region. Stops are noted below 101.40 today, and above Y102.00 and Y102.40. Euro-yen meanwhile started this morning at Y137.51 and spent the first few hours of the morning stuck in a Y137.45/55 range. It lost ground intandem with dollar-yen around mid-morning and continued to a late morning low of Y137.35. The cross was last traded at Y137.37.
