JPY had a quiet morning today in the Asia-Pacific, opening at Y102.60 vs the dlr and Y137.23 against the euro. Dollar-yen edged up in early dealings, touching a Y102.64 high before getting dragged lower by weakening yen crosses amid the risk-off market sentiment. Japanese stocks also opened lower pushing dollar-yen to a Y102.54 initial low while euro-yen fell to Y137.11. Dollar-yen briefly recovered after that, climbing back to Y102.64 while the cross continued to head south. Dollar-yen held a Y102.60/63 range for a while but eventually caved in to the weight of the declining cross. Dollar-yen weakened further to a Y102.52 low as euro-yen went to Y137.04 in the late morning. Dollar-yen was last at Y102.57 while euro-yen was at Y137.11. A dollar-yen break below last night’s Y102.48 low is seen weighing down the pair further but only below Y102.35 would trigger stronger declines, with stops seen below Y102.30.
