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New York Summary: Yen

Posted by Joseph Trevisani on Mar 19, 2013 4:59:00 PM

Dollar-yen opened the US session around 95.44, after trading in a 95.14 to 95.75 range and had little independent action, being a prisoner of euro-yen right from the start. 

The cross opened the US session around 123.60 and held mostly over 123.50 until mid-morning when a stream of Cyprus headlines sent the euro tumbling, with the cross breaking below overnight lows near 123.14. Support at 122.84 and 122.50 gave way, and finally orders in the 122.00/10 level got filled around midday. The cross subsequently fell below it's 55-day moving average at 121.88 to post a low of 121.84 before rebounding in afternoon action.

Dollar-yen tracked the cross closely, falling first below overnight lows, to 95.02, and then broke below 95.00 to test 94.73 before edging up in early afternoon action.

Dollar-yen currently at 95.15,  and euro-yen at 122.41 5:53 pm ET 

Market News International

 

Charts: Bloomberg

 

ScreenHunter 779 Mar. 19 17.58

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