Closed in NY Tuesday at Y79.40, the rate having recovered off pullback lows of Y79.35 after earlier posting a high of Y79.59. Euro-yen closed at Y100.87 after the rate bounced off pullback lows of Y100.61 in headline driven markets. Japanese name demand lifted dollar-yen in early Asian dealings, before the rate pared gains with range trade the play. Dollar met support in the dip and aided by post fix cross demand recovered to Y79.50. Late trade saw the pair spike to Y79.82 on headlines from PM Noda that cited the possibility he could conditionally dissolve the House of Representatives on Friday. Euro-yen lifted to Y101.10 in early Asia on Japanese name demand, before easing on supply from spec names as traders reported of decent 2-way flow. Strong post fix demand recovered to Y101.20 and extended in late dealings to Y101.55 on PM Noda headlines.
EasyForexNews Research Team