JPY started this morning’s session at Y101.32 and spent the early hours between Y101.30 and Y101.36 in quiet dealings. It was holding at Y101.32 when the BOJ’s quarterly Tankan survey results were released. The pair then eased a few points to mark a morning low of Y101.29 after the Tankan result, which contained some mildly positive readings. A strong opening in Japanese stocks led the way for a broader dollar-yen rebound, with the pair getting boosted toward Y101.50 as the Nikkei 225 rose over 1%. Gains initially paused there but got a fresh lift when euro-yen rose further following therelease of China’s PMI data. Euro-yen got up to a Y138.98 high after the earlier low of Y138.69 as dollar-yen extended gains to Y101.54. Dollar-yen was last at Y101.43 with medium offers cited lined up toward Y101.50, with a break there to then see the pair take aim at the 200-day moving average again at Y101.73 currently, with further offers then noted at Y101.80, while the cross was last at Y138.94.
