The pair opened at Y104.07 this morning and ran into early selling from Asian accounts which triggered a fairly sharp drop to Y104.03. The pair regained some composure quickly after that on a positive open in Japanese stocks and edged up to Y104.17 high amid rumored demand from Japanese names. The move however ran into stiff selling interest and it slid back toward Y104.00. Dollar-yen’s losses continued as Japanese stocks drifted into the red in afternoon dealings, and the pair then dropped below Y104.00 for a low of Y103.93. Dollar-yen was last at Y104.01 with sellers said to still have offers in place at Y104.20, while weak stops are also noted from Y104.25, ahead of larger offers around Y104.50. Stops are also noted below Y103.70 and Y103.40.Euro-yen meanwhile was at Y136.87 in the early afternoon, down from the overnight close of Y137.03. The cross traded between Y136.82 and Y137.15 through the morning today.
