Another weak session for the JPY as the dollar and euro both gained amid a session thinned out by the Thanksgiving holiday in the US. Dollar-yen opened near its Y102.24 session low, at Y102.27 and headed north from then on with hardly a look back. Euro-yen started at Y139.12, and eventually got up to Y139.72 with the rise through the morning behind much of dollar-yen’s gains. Dollar-yen rose to Y102.41 on demand for the Tokyo fix but was initially stalled by offers ahead of a Y102.50 barrier. The lure of the large stops higher proved stronger th9ough and dollar-yen broke above around mid-morning, aided by euro-yen’s moves and as chatter then emerged of demand from a regional reserve manager below Y102.00. Dollar-yen continued with the bid tone in the late morning and saw only marginal pullbacks after it hit the session’s Y102.62 high.Dollar-yen was last at Y102.53 while the cross was at Y139.65.
