The JPY saw a modest recovery this mornign as Japanese markets mark the last trading day of 2014. Dollar-yen opened at Y120.67 while euro-yen opened at Y14. Early dollar-yen demand kept the pair holding above Y120.60 despite Japanese stocks slipping into the red at the open. About an hour after the start of Japanese stock trading, dollar-yen began to be weighed down as selling persisted and as euro-yen started to droop after trading an early Y146.74 high. Continued losses in Japanese stock markets dragged the cross further down, and it eventually traded a low of Y146.19 toward the end of the morning. The move through Y146.50 seen by some as a technically important event, saw dollar-yen also drop to a late morning low of Y120.43. Dollar-yen last traded at Y120.42 while euro-yen was at Y146.19. Dollar-yen bids are noted down at Y120.05/00 while sellers are seen around Y120.80 and toward Y121.00.
