Dollar-yen opened at Y121.50 and then marked an early range of
Y121.49 to Y121.60. The pair showed little reaction to Japan’s trade data
released early this morning and continued to trade sideways. Demand from Tokyo
names believed to be fixing-related then lifted the pair up to a session high of
Y121.76 and and it then held near there for the next few hours. Trade flows have
been generally limited ahead of holidays in the US and some parts of Europe
today. Dollar-yen continued to hold firm after the fix with dips limited to
Y121.40. It traded up in the late morning to Y121.73 again and was last at
Y121.69. Further up, sellers are noted toward Y122.00, key resistance remains at
Y122.03 (year-to-date high), hourly support is found at Y121.30. Euro-yen
meanwhile opened at Y133.85 and quickly came under pressure, falling to a
session low so far of Y133.32. The catalyst for the move was reports from the
press over the weekend that cited Greece’s Interior Minister Voutsis suggesting
Greece would default on its IMF payments. The rate recovered on profit-taking
and last trades at Y133.65