JPY started the Asian day around Y97.68 and edged higher in quiet early trades to Y97.72, the high for the session so far. It slipped back a few notches but was held up off Y97.60 through the release of Japanese data today, which included unemployment, household spending and retail sales data. Euro-yen meanwhile started at Y134.64 and dropped to Y134.29 low in early trades. Dollar-yen also began to drift lower in tandem with yen crosses after the Japanese stock market opened lower, but overall trade flows remained light ahead of the start of the FOMC policy meeting later today. Dollar-yen marked a Y97.46 low, just above the 200-day moving average at Y97.44, before midmorning, and then bounced to Y97.66 soon after. Similar action seen in the afternoon with dollar-yen seeing another dip to Y97.47 and then rebounding again, last at Y97.56, down slightly from the US close of Y97.67, while euro-yen was at Y134.40. For dollar-yen, a break above resistance and strong offers at Y97.80-Y98 is needed for further gains while the cross eyes a decisive move back through Y135.00.
