USD/JPY started at Y119.69 after chopping around a NY range of Y117.95 to Y120.12 while the euro-yen opened at Y148.11 having dealt a NY range of Y146.80 to Y148.37. The pair slid to an initial low of Y119.19 & Y147.67 in early trade, before surging to fresh session high of Y119.92 & Y148.25. Reported good offers at Y119.95 capped the spot, reported selling by systemic account and a plunge in Nikkei fuelled the reversal in dollar-yen. The rates plummeted to fresh session low of Y118.69 & Y147.14, amid thinner liquidity. The rates recovers to Y118.87 & Y147.33 last. Early session saw the pairs edged higher after lower Japan inflation data, the pairs extended gains after lower China inflation data, but strong offers ahead of Y119.95 and long liquidation pressured the pairs lower. Medium offers noted from Y119.95 to Y120.00 with option expiry at Y120.50, while on the downside only demand coming at Y118.00 and 21-dma at Y118.25.
