The pair started the week at Y109.05, spiking to an early high of Y109.19 before correcting lower to hit session low of Y108.67 and rebounds to Y108.84 last. Japanese banks lifted the spot to Y109.10 from Y108.88 before Tokyo fix, but the rate plunged to session low on lower US yields and weaker Nikkei in morning session. Afternoon session saw dollar-yen and euro-yen cross higher as US yields rebounded off from the lows. Dollar-yen breached NY’s high of Y109.10 briefly before correcting lower from last Friday’s 6-year high of Y109.47. The euro-yen started the week firmer at Y139.91, jumped to an early high of Y140.12 on firmer dollar-yen before receding to Y139.76, but further demand pushed the rate to fresh session high of Y140.13 before reversing lowerto Y139.77 and rebounds to Y139.97 last. Euro-yen corrected sharply lower from last Friday’s high of Y141.23, breaching the 200-dma at Y139.79 briefly in early Asia session on long liquidation and general dollar weakness. Dollar-yen strong demand noted at Y108.60/50 (NY low at Y108.60) while strong offers reported at Y109.50
