The pair got an early lift as the dollar and euro retreated after Japanese stocks started the morning in negative territory. Dollar-yen was holding near the early low of Y104.20 while euro-yen was near Y142.02 at the start of the stock market session. Dollar-yen then recovered to its initial highs of Y104.50 while the cross was also carried up to Y142.34 as the Nikkei 225 pared some of the early losses. The rebound was shortlived and dollar-yen and euro-yen both retreated again in the face of sell interest, this time hitting session lows of Y104.17 and Y141.95. Although the Nikkei ended the morning session lower, both dollar-yen and euro-yen recovered again during the mid-session break, supported by talk of strong bids coming in at Y103.80, with some saying these could be semi-official although there were also rumors of stops below Y103.75, coming in ahead of the Y103.54 Kijun line, and more demand at Y103.50. Dollar-yen and euro-yen then broke above the morning highs, to Y104.63 and Y142.53, respectively, and last traded at Y104.57 with the cross at Y142.32.
