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