Early demand for yen crosses saw EUR/JPY lifted off a Y141.11 low to Y141,32 while USD/JPY tracked the move higher and went up to Y119.42 after it opened at Y119.19. The early gains briefly stalled and dollar-yen pulled back to a low of Y119.16 before rebounding as Japanese stock markets began to rise quickly. Dollar-yen and euro-yen spent the rest of the morning moving steadily higher as the market took on a risk-on stance and regional stocks also gained. There was some mention of a large Japanese pension fund buying into Japanese stocks although the news couldn’t be verified. Still, overall sentiment was largely positive and euro-yen eventually topped out at a late morning high of Y141.68 while dollar-yen traded a high of Y119.82. The pair was last at Y119.74 with the cross at Y141.61. Initial dollar-yen support is noted at Y118.70 today with stops noted below this level and on the topside above Y120.00.
