The pair opened at Y103.18 after a sharp move out of risk instruments sent yen crosses spiralling lower. The pair got off to a marginally firmer start in Asia this morning after it briefly traded a Y103.12 low as yen crosses also opened with an eye on recouping part of the overnight losses. Noted fixing demand lifted dollar-yen up from around Y103.20 and carried the pair to a high of Y103.60. The gains were however capped there as losses in Japanese stocks weighed down yen crosses. Euro-yen meanwhile opened at Y141.32 and got up to a Y141.79 high before turning lower again as sentiment continued to move toward safe-haven instruments. Dollar-yen eased later in the session in line with yen crosses, and was last at Y103.24 with euro-yen at Y141.38. Dollar-yenbids are seen down at Y103.20 and toward Y103.00, with stops then seen on a break below Y102.85/80. A close back above the Y103.77 level is needed to relieve the renewed bearish focus with a break below the Y102.50-85 region seeing focus shift to the 101.60-65 region
