The pair opened weaker this morning at Y106.83 after a thin overnight session due to a holiday in the US. Euro-yen meanwhile began the day at Y136.24 after falling to a Y135.88 low during the US hours last night. Dollar-yen caught a bid tone early in the session after stops below Y107.00 were triggered on the way down to the initial low of Y106.76. It ran up to Y107.06 but encountered some difficulties there as Japanese stock markets started the day sharply lower. Euro-yen also hit an early speed bump and traded a low of Y136.16 before it rebounded about an hour after Japanese stocks started their day. Euro-yen recovered to Y136.47 as aussie-yen staged a strong move higher also, with the moves then helping to keep dollar-yen up also. Euro-yen gainedfurther to a Y136.55 high while dollar-yen edged steadily higher to a Y107.31 high in the late morning. Into the early afternoon, dollar-yen was last at Y107.18 while euro-yen was also holding up near the high at Y136.34. Dollar-yen stops remain above Y107.60 today with bulls needing a close above to provide a little breathing space.
