The pair started this morning’s session at Y101.48 in the Asia-Pacific, and made early forays up to the Y101.56 highs traded last night in the US. The pair was well-supported near that high as Japanese stock markets also started the day stronger. The pair then extended the high after the release of HSBC’s China flash PMI, which rose to an 18-month high, reaching Y101.60 as risk assets, including yen crosses, rallied. Reflecting that, euro-yen rallied to a Y136.74 high, after the early Y136.62/70 trading range. Euro-yen’s move also ran out of steam as dollar-yen reversed direction, capped by offers above Y101.60. Dollar-yen then retraced back to a Y101.45 low while the cross deflatedand gave up all the morning gains to a low of Y136.56. Euro-yen was last at Y136.57 while dollar-yen was at Y101.46. Those offers above Y101.60 are said to still be in place, larger offers noted from Y101.80, up to Y102.00, with stops noted above that. On the downside, demand noted at Y101.20 and then toward Y101.00, with stops then seen below Y100.95
