The pair opened at Y102.91, just off last night’s Y102.93 US session high, while euro-yen started at Y137.09 this morning. Early market action saw dollar-yen trading a low of Y102.89 earlier before demand noted at Y102.75 and below last night’s US low of Y102.63, at Y102.45/40, provided a lift. The pair then chopped around in a Y102.92 to Y102.97 range as Japanese trade data were released, while euro-yen held a Y137.10/15 range. Dollar-yen then staged a brief run through Y103.00, encouraged by a positive start in Japanese stocks and reached Y103.02 but ran headlong into decent offers there, from a mixture of Japanese and offshore accounts, with these stretching toY103.20, according to dealers. Euro-yen then turned south after that, dropping back to a session low of Y137.02 and weighing down dollar-yen to some extent. Dollar-yen however rebounded in the early afternoon, this move then setting off waves of stops above Y103.10 and Y103.20 to eventually hit a fresh high for the session at Y103.23, its highest since April 7, and was last at Y103.19 while the cross was at Y137.29, after a high of Y137.33.
