JPY opened at Y103.85 this morning after failing to extend its highs beyond the Asian high of Y103.96 in overnight dealings. The pair started in a tight Y103.82/88 range and then broke higher again as Japanese banks bought the pair up in line with other yen crosses ahead of the Tokyo fixing. Reflecting that, euro-yen opened at Y137.92 and gained to Y138.00 before running out of steam. Euro-yen pulled back to a low of y137.83 on post-fix profit-taking, while dollar-yen also reversed course and sank to Y103.76.Dollar-yen was last at Y103.80 while the cross was at Y137.89. All eyes are on the Fed’s Jackson Hole symposium starting today, with Fed chair Janet Yellen due to speak tonight at 1000 ET (1400 GMT).
