Dollar-yen closed in NY at Y98.18, having recovered off a session low of Y97.21, with early Asia extending this move to Y98.28 before meeting resistance at the NY recovery high. Fix supply and early equity negativity weighed back on this early move, with triggered stops through Y97.80 taking rate to lows of Y97.63 before fresh demand emerged. Rate was driven to a high of Y98.37 as equities recovered, with a well received JGB auction also noted providing support. Rate reversed off highs, dropping back to Y97.82 before edging back toward Y98.00 into Europe. Strong demand noted from several directions at the Y97.50 level, more into Y97.20 with stops below. Resistance Y98.50 and into Y99.00. Asian traders have noted good interest in 1W (Apr25) Y100.00 yen puts at 14.0 ahead of next week’s BOJ meeting, with Apr26 (BOJ day) Y98.00 strikes also of note. Euro-yen was recovering off a NY low of Y126.45, closing at Y127.80, with Asia extending this move to Y128.10 in opening trade before fix supply countered. Rate dropped back to Y127.17 before fresh demand emerged into the dip which took rate on to an overnight high of Y128.45. Rate dropped back to Y127.54 before recovering to Y127.90 ahead of Europe.
EasyForexNews Research Team