The pair opened at Y120.69 after trading a NY range of Y120.21 to Y121.14. The pair drifted down to Y120.51 before extending recovery to fresh session high of Y121.00, after a WSJ article by Jon Hilsenrath did its rounds. But good offers at Y121.00 capped the advance, subsequently heavy selling in the aussie-yen dragged dollar-yen lower to Y120.71, before pulling back to Y120.91. Thereafter heavy offers emerged in euro-yen, triggering stop-loss below Y148.00 and dragged dollar-yen lower to fresh session low of Y120.06. Euro-yen started at Y148.65, given down to Y148.43 before surging to fresh session high of Y148.88 on back of higher dollar-yen. Heavy selling interest in yen crosses pushed the euro-yen to hit fresh session low of Y147.79 before demand paid the pairs to Y148.04 and dollar-yen to Y120.27 last. The aussie-yen collapsed to low of Y98.91 from session high of Y100.20 and rebounds to Y99.10 last. The spot pullback from yesterday multi-year high of Y121.85 on lower US yields to hit a NY low of Y120.21. Medium offers at Y121.00 capped the spot, with further offers at Y121.50 and below reported option expiry Tuesday at Y120.50 ($750 mln).
