The pair continued with a relatively firm tone this morning as emerging market concerns drove risk sentiment lower but trades off the initial highs toward the end of the morning. Dollar-yen opened at Y100.92 and regained its hold above Y101.00 in early trades while euro-yen started at Y136.57 and then edged up through Y136.90. Dollar-yen went to Y101.30 despite Japanese stocks opening lower. It lost a bit of ground ahead of the Tokyo fix but rebounded to a fresh morning high of Y101.38, while euro-yen briefly struggled to clear Y137.00. Dollar-yen has since held up near there with the cross also eventually trading a Y137.02 high. Dollar-yen was last at Y101.16 while the cross was at Y136.66. Dollar-yen bids seen down at Y100.50 coming in ahead of next key support at the 200-day moving average at Y100.08 and then the Y99.10 support. Up top, sellers are seen from Y101.80. A close back above the Y102.50 level is now needed to ease the bearish pressure a little while a close above Y103.50 is needed to shift focus back to the Y104.95-105.45 region.
