The pair opened at Y102.57 this morning, and after an initial Y102.55/58 range, uncovered demand from Japanese names off the low. The early bids carried dollar-yen up to Y102.64 in very thin conditions. The pair held there for a while and marginally extended the high to Y102.66 before sellers then appeared. Dollar-yen’s upmove was capped there and the pair began to retrace some of the earlier gains as euro-yen also pulled back and profit-taking interest seeped in ahead of this week’s Fed symposium at Jackson Hole. Dollar-yen slipped back to Y102.57 as euro-yen fell from a Y137.14 high to its session low of Y136.99. Both pairs however rebounded after that with euro-yencreeping back up to Y137.10 while dollar-yen rebounded to Y102.65. In the early afternoon, dollar-yen was trading at Y102.60 while the cross was at Y137.05. Dollar-yen is seen needing a move through Y102.73 Aug 15 high to encourage further gains, while good supply is also noted from Y102.80/85 onwards
