The pair opened at Y118.65 in Asia Friday having dealt a NY range of Y118.26 to Y119.56. The spot resumed a pullback higher to Y119.11 with early demand from Japanese names, before retracing to Y118.86 for an extended move to fresh session high of Y119.21, but supply above Y119.20 pressured the rate to Y118.86 before Japan industrial production data. Euro-yen opened at Y147.27 after trading a NY range of Y147.14 to Y148.05. The cross extended recovery higher to Y147.68 in early trade, from session low of Y147.25 before surging to fresh session high of Y147.73 on firmer dollar-yen, but offers emerged to push the rate to Y147.35 ahead of data. The pairs gapped down to fresh session low of Y118.51 & Y146.96 on better data. Demand between Y118.80/60 was filled after the data, but halted before 21-dma at Y118.49 and recovers back to Y118.76 last. Offers noted at Y119.25 & Y119.50 levels with reported option expiry at Y119.00 ($1.2bn). The euro-yen recovers to Y147.21 last as the rate flirts about the 21-dma at Y147.34 with supply coming in at Y148.50 and demand noted at Y146.85/80. October industrial production declined 0.8% y/y from a previous contraction of 1.0% while monthly rose by 0.4% m/m compared to previous of 0.2%.
