Late in the NY session comments by notable US investor Carl Ichan, (the majority shareholder of Ichan Enterprises and number 18 on the Forbes 400 list), that he is cautious on equities and that markets could easily have a big drop weighed on risk appetites and equities and dollar-yen started the Asian morning amid a risk-off environment. Dollar-yen opened at Y99.90 while euro-yen started at Y134.19. Dollar-yen eased a few points, but otherwise was held up on rumored demand into Y99.80. The pair rebounded briefly above Y100.00 amid a slight revival in risk appetite but eventually turned down again as Japanese stocks declined. Euro-yen also slipped back to a Y134.61 low in tandem. Dollar-yen was last at Y99.70 while the cross was at Y134.69. Dollar-yen sellers are seen further up from Y100.40/50. Further down last Wednesday’s Y99.10 low remains key support this week with a close below needed to see focus shift lower to retests of the Y97.60-94 region with the 200-DMA noted around Y97.94
