The pair started the session facing persistent weakness after dollar-yen peaked at Y103.32 last night in the US. The pair opened at Y103.26 today while euro-yen started at Y141.88, after a Y141.94 high in the US overnight. Yen pairs showed little reaction to this morning’s MOF business outlook survey but eased a bit after Japanese stocks opened lower. Dollar-yen slipped to Y103.22 while the cross dipped to Y141.83 from around Y141.96. Dollar-yen however rebounded as the cross also caught a further liftafter that, with euro-yen then trading above Y142.00 for the first time since October 2008, for a high of Y142.03. Dollar-yen was carried through rumored offers at Y103.30 and then triggered stops above Y103.35, reaching a Y103.40 high, its highest since May 22, before it was then turned back in the face of decent-sized selling interest ahead of a Y103.50 barrier. Dollar-yen was last at Y103.21 while euro-yen was last at Y142.07. The overall focus for dollar-yen remains firmly on retests of the Y103.73 2013 high traded in May.
