The pair opened at Y103.72 this morning and was under some pressure in early dealings as euro-yen and other yen crosses were weighed down on fresh risk aversion following heightened tensions between Ukraine and Russia last night. Euro-yen slipped to a Y136.67 low in early market action after it opened at Y136.73 while dollar-yen dipped to Y103.70. Calm ensued after that with dollar-yen then holding near the low end of its early range ahead of the first set of Japanese data releases which included CPI. Dollar-yen marginally extended the initial low to Y103.66 after the release of CPI and unemployment data before talk of demand coming in at Y103.50, rumored small, turned out to be solid enough to contain the pair’s declines. Dollar-yen rebounded further afterthe release of retail sales and production numbers, gaining to Y103.76 while the cross also recovered a bit to Y136.78. Early weakness in Japanese stock then weighed down on yen pairs and euro-yen reversed again to the earlier low while dollar-yen was pinned down in a Y103.70/73 range. Late in the Asian morning, dollar-yen recovered again to hit a new high for the session at Y103.84 while the cross rebounded to Y136.84.
