Limited flows seen in the JPY this morning with dollar-yen rising close to its overnight highs but failing to break. The pair started at Y120.68 and edged up to Y120.78 in early dealings. The move was not sustained and dollar-yen then began to ease. Euro-yen meanwhile began the day at Y146.61 and was under pressure through most of the morning. The cross initially held at Y146.90/Y147.00 but then slid to a Y146.45 low eventually, dragging dollar-yen down with it. Dollar-yen fell through Y120.60 although there was initially some noted demand from around Y120.45/40. The market was relatively quiet until after the Tokyo fix when dollar-yen began to retreat further amid the absence of any meaningful supportive bids. The pair fell to a Y120.26 low around mid-morning as euro-yen selling picked up pace before a small rebound then followed. Dollar-yen was last at Y120.43 while euro-yen was at Y146.61.
