USD/JPY Analysis

The pair was broadly softer in Asian trade today, dollar-yen hitting a high of Y99.55 while euro-yen rose to Y130.77 around midmorning earlier. Dollar-yen started the day mostly between Y99.10 and Y99.25 and slipped toward the lower end of that after Japanese stock markets opened in the red. The release of the BOJ minutes failed to inspire much interest but dollar-yen did manage to climb toward Y99.40 soon after, while the cross also made a run for Y130.60. Dollar-yen’s break above the Y99.40 mark then triggered a hunt for stop-losses, which helped hike dollar-yen to the high, and the cross followed suit. Demand from Japanese importers helped the move higher but gains were running out of steam soon after as fresh supply from US names then appeared from Y100.00.

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