The pair started at Y109.04 in Asia Thursday, the euro-yen cross at Y139.36, extended gains to session highs of Y109.34 & Y139.70 before recovery to Y109.08 & Y139.43. The pairs rebounded to Y109.26 & Y139.57 before declining to Y109.09 & fresh low of Y139.28. Early bids from Japanese names lifted dollar-yen higher before the fix, breaching NY’s high of Y109.15 and triggered stops at Y109.20 but met good supply above Y103.30. Bids simmered after the fix and the spot was given down to Y109.08 before bouncing higher to Y109.26 on stronger dollar tone, as aussie and kiwi plummeted lower after RBNZ Wheeler’s statements. Dollar-yen was stuck within confined range of Y109.09-18 after Lithuanian newspaper article repeats Dragi’s comments, sparking selling interest in the euro and euro-crosses, pushing the euro-yen to fresh session low of Y139.28 and the euro to fresh 2014 low at $1.2764. Dollar-yen sits at Y109.13, with dollar bulls eyeing a retest and break above 6-years high of Y109.46 after breaching Y109.19 (high Sep 22) ahead of reported strong offers at Y109.50. Dollar bears need a close below Y108.26 (low Sep 23) to ease bullish pressure, before medium demand at Y108.40/30. Euro-yen at Y139.34 last.
