The pair started the day at Y114.37, well above Friday’s post-payrolls low of Y114.25 and marginally edged higher to Y114.45 in early dealings. The pair encountered selling pressure after the Japanese stock market open and as the weak dollar tone resumed after Friday’s jobs data. Dollar-yen slipped through the US session low and ran through Y114.10 before the fall was cushioned by reported Japanese importer interest in the Y114.05/00 region. Dollar-yen saw mild rebound after that, and it took part of ground it lost this morning, creeping back to Y114.30 toward the late morning. Euro-yen meanwhile marked a Y142.35 to Y142.92 range through the morning today. It opened at Y142.77 but lacked sufficient momentum to test the Y143.00 level despite some its earlier gains. Dollar-yen was last at Y114.21 with the cross at Y142.50. Daily studies remain at very O/B levels and are threatening a correction which is seen weighing on the pair and given the stellar run the pair has seen of latea deeper correction that tests the Y112.50-60 region is possible.
