The pair started the day at Y103.88 just off last night’s US low of Y103.78 while euro-yen started at Y137.05. Early dealings saw dollar-yen edge higher to a high of Y103.93 but it failed to extend the highs through the Y104.00 US high. The pair then began to drift lower as Japanese stocks got under way marking small losses and as euro-yen also headed south from an early high of Y137.10. Dollar-yen’s fall then intensified as euro-yen also witnessed sharper losses, in line with other yen crosses. Dealers attributed the move to month-end supply and dollar-yen then sank to a Y103.70 low as the cross dropped to Y136.88 lows. Euro-yen recovered fairly strongly after that, breaking above the initialhighs to hit Y137.17 in the late morning. That briefly helped lift dollar-yen off the low also, although the latter then spent the rest of the morning just off its worst levels. Dollar-yen last traded at Y103.74 while the cross was still near the recovery high at Y137.08
