USD/JPY and EUR/JPY opened at Y117.82 & Y146.66 in Asia Thursday, after trading a NY range from Y119.41 to Y117.72 and Y146.51 to Y147.73 respectively. Dollar-yen was paid to Y117.99 before slipping to Y117.64 and rebounded to Y117.83 before Japan machinery orders data. The spot kneejerk to Y117.88 after the data before plunging to breach NY’s low to hit fresh session low of Y117.44 but reversed higher to hit an Asian high of Y118.33. Medium demand at Y117.50 and Tokyo fix demand supported dollar-yen before short covering emerged to lift the rate to session high, breaching the 21-dma at Y118.32 briefly before long liquidation pushed the rate to Y117.86. Afternoon session saw renewed demand lift the pair to Y118.30 before easing to Y118.15. Euro-yen slipped to session low of Y146.43 before the data, the rate rallied to fresh session high of Y147.35 post data on stronger euro and recovered to Y146.87. The cross rebounded to Y147.23 and eases to Y147.08 in afternoon session. The cross was lifted to session high after the euro triggered stops above $1.2450. Dollar-yen extends pullback from highs of Y121.86 (Dec8), hovering around 21-dma with next interim support at Y117.24 (low Nov24).
