A quiet morning for major FX units in Asia this morning led to narrow trading ranges for the JPY overall. Dollar-yen opened at Y102.45 while euro-yen started at Y1. Dollar-yen edged higher in early dealings but initially ran into minor resistance at Y102.51. A relatively flat performance in Japanese stock markets then saw dollar-yen reclaim that initial high and it briefly extended that to Y102.54 in subdued trades. Euro-yen meanwhile went to a high of Y137.00 after a Y136.92/97 range. It briefly pulled back to Y136.89 low but recovered again after that, in line with dollar-yen’s bounce. Dollar-yen was last at Y102.51 while the cross was at Y136.99. Reported dollar-yen exporteroffers are said to still be in place from Y102.65/70, further offers then seen stretching up to Y103.00, with some stops also scattered in between. Below the earlier Y102.44 low, immediate support is seen at Y102.30, with demand noted below that at Y102.25/20, and stops at Y101.95/90.
