The cross closed in NY Thursday at Y102.23 after rate had corrected off an intraday high of Y102.68 to Y101.83 before recovering into the close. Rate came under renewed pressure into early Asia, trading down to Y102.08 before recovering to Y102.38 and settling between Y102.20/35 through the Asian afternoon. Rate took the strong sell off in Aussie and Kiwi in its stride, despite talk of Japanese retail investors being seen as heavy sellers of Aussie-yen. However, talk surfaced that funds were not being repatriated and were likely heading toward high yielders like Mexico. Strong demand said to remain in place into Y101.80, with decent sized stops noted below. Further demand then seen into Y101.50. Offers remain in place from Y102.75 and said to extend through to barrier interest at Y103.00 (though size of sell interest here not to the extent it was at the beginning of the week). Euro-yen trade was confined to a range of Y131.48/82, opening Europe around Y131.63. Asian traders mention a build up of system linked stops below Y130.90
