The pair opened at Y117.32 early this morning and it slipped to an early low of Y117.12 before rebounding. Early demand was attributed to Japanese accounts following a stronger opening in Japanese stocks but initial offers at Y117.50 slowed the move down. Dollar-yen demand continued as fixing demand also kicked in, with the pair then edging up to Y117.64. It slipped again as Y117.80 offers briefly countered the rise before it then made another move after the Australian jobs data. Dollar-yen went through Y117.75 and triggered some stop-loss buy orders there, boosting it to a session high of Y117.85. There, Japanese accounts took profit and pushed dollar-yen back down again to last trade at Y117.66. Elsewhere, yen crosses were also higher in line with a more positive performance in regional stocks. Euro-yen rose to a Y138.79 high earlier today after opening at Y138.32. It last traded at Y138.53.
