The pair started the session with a gap lower, to Y103.04 from Friday’s US close of Y103.26 while euro-yen also gapped down to a Y142.57 open vs Y143.33. Early risk-on dealings put the safe-haven yen under pressure, pushing euro-yen back up through Y143.00 to Y143,25 while dollar-yen edged up to Y103.24. The pair then continued to Y103.30 as some US banks took aim at rumored stops higher while euro-yen got up to a Y143.39 high minutes after Japanese stocks opened. However persistent weakness in the Nikkei 225 sapped further gains and euro-yen then eased to Y142.97 after that while dollar-yen ran into offers atop the initial which then pushed it down to a fresh morning low of Y102.98. The dollar continued to be weighed down near the day’s lows anddollar-yen was last at Y103.13 while the cross traded Y143.22, ahead of the BOJ’s policy decision tomorrow. For euro-yen, stops are noted below Friday’s Y142.54 low to start the new week with bears looking for a close below to ease the immediate bullish focus that sees bulls initially targeting the Y144.41 resistance with this level having previously supported back in late Dec before the commencement of the move lower.
