Dollar-yen closed in NY Thursday at Y94.95 after recovering off a session low of Y94.54, the rate having seen highs earlier in the day at Y96.11. The recovery extended to Y95.11 in early Asia before it drifted back below the figure, dropping to Y94.55 as market reacted to late Asia news suggesting that Cyprus had failed to secure requested Russian aid. Euro-yen led this late session move as the euro was sold off across the board, the single European currency continuing to be led by Cyprus developments. Euro-yen saw lows Thursday at Y122.05 before closing at Y122.53, the recovery extending to Y122.70 before it dropped back to Y121.89 on that Cyprus news. Dollar-yen importer bids seen placed into Y94.50 with talk of stops below.
EasyForexNews Research Team