Dollar-yen closed in NY Tuesday at Y79.85, the rate slipped off highs of Y79.94 after earlier posting a low of Y79.71. The cross tracked euro-dollar in the US afternoon to print lows of Y103.28 as risk aversion weighed heavily on markets. Euro-yen later bounced to close around Y103.70. Dollar-yen ground lower in early Asian trade as the dollar softened against most major currencies, dip demand ahead of the Tokyo fix pared losses and the rate climbed back to Y79.92. The rate later eased to Y79.85 as Strong Japanese corporate/exporter offers continued to cap ahead of Y80.00. A break on the topside opens resistance at Y80.10 (5 Jul high), ahead of strong offers at Y80.20. The cross slipped to Y103.53 in early Asia, before lifting in tandem with euro-dollar’s extended recovery to Y103.82, later settling around Y103.60. On the downside support seen into Y103.50, CTA stops noted on a break of Y103.40, ahead of Y103.30 (18 Oct low).
EasyForexNews Research Team