JPY opened at Y101.88 this morning while euro-yen started at Y139.99. Early dealings saw yen pairs confined to narrow ranges as dollar-yen marked a Y101.79/90 range while the cross traversed a Y140.07 to Y140.18 range. Initial selling interest at Y102.00 kept the pair from breaking higher, limiting the gains to Y101.93. Dollar-yen then edged up further a few minutes after the release of Japan’s current account data, as some analysts noted details in the data which were seen as yen-negative. Dollar-yen poked through Y102.00 as Japanese banks bought the pair up for a high of Y102.07 while euro-yen went up to Y140.38 before the move stalled as Japanese stocks opened lower. Dollar-yen eased a couple of points soon after the Tokyo fix before consolidating on either side of Y102.00 as interest fizzled out. Dollar-yen was last at Y101.97 whileeuro-yen was last at Y140.28. Looking ahead, dollar-yen bids are seen down at Y101.45, Y101.30 and Y101.10, while stops are at Y101.40, according to market sources.
