JPY closed in NY on Friday at Y97.40 after recovering from the Y96.93 low set during that session’s afternoon Asian trading. The pair started the day higher at Y97.76, just shy of the 21-day moving average at Y97.77 and above the Y97.62 level that capped in Asia on Thursday, and then closed the gap from Friday’s close with a drop to Y97.46 low. Dealers pointed to last week’s break lower for the Nikkei futures for the move with the market closely watching today to see if the break below the 14260 level last weekcontinues to weigh. The pair witnessed a mild bounce to Y97.65 ahead of Japanesestocks open but then slips back again to Y97.52. Euro-yen meanwhile also openedhigher in early Asian trading to start the new week with yen crosses stronger across the board with dollar-yen opening higher. The cross traded as high as Y134.96 this morning before pausing ahead of the Y135.10 resistance level that previously acted as support. Dollar-yen was last at Y97.61, in the middle of the Asian range so far while euro-yen was at Y134.79. Strong dollar-yen offers are said to be still in place ahead at Y97.80 and then Y98.00 while for the cross, sideways trading within a Y133.60-135.50 range is favored this week.
