The euro has broken its earlier low at 1.2945 and touched 1.2929 as the yen continues to fall on a second round of concerted selling. Overall dollar strength has become the market's default choice. Dollar/Yen has traded up to 102.37, a four and a half year high, moving steadily higher from the New York open at 101.60 at 8:00 am ET. Teh eur/yen cross has backed off about 40 points from its 132.77 high, a more than three year peak, to 132.46.
Both currencies remains active in afternoon action.
Dollar/Yen resistance at 102.50 and 102.90 ahead of 103.00
Euro support at 1.2900, 1.2875 and 1.2850.