The pair started this morning at $1.2230 but traded lower after initial $1.2232 high. The pair extended early losses through $1.2225 to a $1.2221 low but found support from a firmer euro-yen tone. Some dealers also cited option-related bids near a $1.2200 barrier for the rebound and euro-dollar then jumped back toward $1.2230. It marginally extended the high to $1.2234 in the late morning and was last at $1.2229. Sellers are noted at $1.2300/03 and then at $1.2310 while reported demand is seen down at $1.2200, with stops seen on a break of $1.2190. Initial resistance remains at $1.2302 with a close above this level to confirm an easing of bearish pressure and above $1.2435 to shift focus back to the key $1.2599 level.
