The pair opened at Y118.65 in calmer Asia Thursday after a volatile NY range of Y116.82 to Y118.90, while euro-yen ended the NY session at Y146.43 after trading a range of Y145.35 to Y146.77. The FOMC phrase “considerable time” was dropped to “patient” as expected, which triggered a USD rally as the market assume a rate hike in Jun 2015. Early demand lifted the pairs to session high of Y119.01 & Y146.75, before correcting lower session low of Y118.35 & Y146.07 during afternoon session and bounce to Y118.42 & Y146.18 last. Strong offers in dollar-yen at Y119.00 capped the spot in early trade, Japanese exporters offers emerged thereafter to pressure the rate lower, aided by long liquidation. Offers were filled at Y119.00 ahead of Monday’s high of Y119.09, further offers noted at Y120.00 with option expiry Thursday ($4.83bn) & Friday ($5.41bn), while below demand noted at Y117.00 with option expiry Thursday ($1.27bn). Euro-yen eemand reported at Y145.50 with further demand at Y145.25/20, while supply noted at Y146.50 and further offers at Y146.80/00. On the data front, German IFO and US jobless claims will be released later.
