JPY started at Y102.07 in Asia Thursday from a NY range of Y101.87-Y102.07, the spot touched Y102.10 before sliding lower to hit session low of Y101.97 and surged to session high of Y102.15. The euro-yen started at Y138.12 after trading a NY range of Y137.88-Y138.24, the cross drifted to session low of Y137.98 before a rally up to fresh high of Y138.33. Euro-yen traded heavy after breaching 200-dma and marked new daily low at Y137.88 during NY session, dragging dollar-yen to Y101.87 but softer UST 10-year yield prompted profit taking to Y138.24 & Y102.05. The pairs recover from Y101.86 (Europe low) & Y137.88 (NY low) to register an Asia high of Y102.15 & Y138.33, on back of profit taking in euro-yen and the pairs retrace to near NY’s high of Y132.07 &Y138.23 last. Short covering in Asia picked up momentum pushing both pairs higher to break above NY’s highs ahead Asia’s high of Y102.39 & Y138.66. Traders trimmed positions ahead of US retail sales and jobless claims data. Reported supply at Y102.15/20 capped the spot with more at Y102.50, while stops noted at Y101.75/70 & demand/stops at Y101.50. Euro-yen capped by reported supply at Y138.35/40 ahead of Y138.66/75 (high Jun 11 & 200-dma).
