A reported large dollar-yen buy program executed Thursday was cited for the rate making its eventual break above Y100.00, the demand said to have begun from around Y99.40 and extended to Y100.40, with added stops through the figure adding to the upside pressure as rate marked highs in NY at Y100.79. Rate initially drifted back to Y100.54 in early Asia before fresh demand emerged into Tokyo. PRDC related buying, as well as Japanese importers covering shorts after option interests were knocked out on the move through Y100.00, provided the early upside push, with triggered stops above Y100.80 initially meeting decent supply from Asian sovereigns (said to be continuing recent dollar recycling from intervention activity). The same name cited for the major move Thursday again emerged to take rate through Y101.00 and on to an extended high of Y101.20, the rate settling between Y100.85/101.10 into Europe. CitiFX Wire Ichimoku analyst had suggested resistance into Y101.25 (1999 low) with a break here to expose the 2005 low at Y101.69. Main demand seen back at Y100.35/30 from macro and importer accounts.
