Dollar-yen closed in NY at Y99.53 after recovering off NY session lows of Y99.24 to Y99.60, easing back into the close. Rate nudged up to post overnight highs at Y99.56 in opening trade before reversing, the initial move lower meeting support at Y99.40. Recovery to retest highs was quickly repelled allowing rate to sink back toward that NY low, finding support at Y99.25. The move down was influenced in part by the low China yuan fix. This move prompted dollar sales vs Asian currencies across the board. Dollar-yen opens Europe around Y99.37. The elusive Y100.00 level remains in focus but strong offers remain ahead. Main sell interest seen from Y99.80 through to the figure, Y100.00 said to hold barrier interest with very large plain vanilla interest said to roll off at today’s NY cut, more Friday. Stops are seen building from above Y100.05 through to Y100.25 but sell interest from above Y100.00 to Y100.30 also now getting noted and could mute any move through the figure. More stops are noted above Y100.35. Support seen from Y99.25 to Y99.00, with stops below.
EasyForexNews Research Team