The pair grinded higher to Y102.95 in late NY session before Asia stepped in, it gapped up to Y103.17 after Turkish central bank hike rates aggressively and the pair surged higher to hit session high of Y103.45. While euro-yen crept up to Y140.73 before Asia open, it gapped up to Y140.95 in Asia open and hit a session high of Y141.26 before retracing to Y140.77 and rebounds to Y140.95 last. Real money accounts were good buyers in dollar-yen and yen crosses with a rebound in EM currencies, taking out offers at Y103.25/40 but heavy offers at Y103.50 capped both pairs advance. Renewed selling interest in euro-yen at Y141.00/05 area pushed both currency pairs lower and euro-yentouched low of Y140.77 while dollar-yen hit Y103.08 before rebounding to current of Y140.97 & Y103.26. Financial markets repositioning for Thursday FOMC meetingwith most traders expecting a measured taper of $10 billion.
