The Japanese yen started at Y109.44 vs the US dollar this morning while euro-yen opened at Y138.80 A slew of month-end Japanese data releases had very little impact on the yen, with dollar-yen holding at Y109.40 throughout. Dollar-yen slipped to an early low of Y109.33 a few minutes after Japanese stocks opened but recovered quickly after that to trade a Y109.51 high. Euro-yen also followed suit, as it fell initially to Y138.71 and then rebounded to a morning high of Y138.93. Dealers attributed the moves in dollar-yen to fixing demand out of Tokyo, which ran out steam soon after the fix. Dollar-yen then raninto selling pressure off the highs, with some blaming that on position adjustment for the quarter-end. The dollar-yen selling pushed the pair down to a fresh low for the session at Y109.19 while euro-yen took its cue from there and dropped to a Y138.66 low. Dollar-yen was last at Y109.27 and euro-yen was at Y138.74. On top, there’s no shortage of dollar-yen sellers, noted initially at Y109.70/75, linked to a barrier, and then at Y109.80/85, with stops noted strewn in between. Further offers are then seen toward Y110.00, with the area ahead of that also littered with stops from above Y109.80.
