Asia Session – March 31, 2011 1:38 AM

The Japanese Yen continued to dominate the action for a second day here in Asia as the currency saw whipsaw moves not intended for the faint of heart. Early session sellers helped drop the yen to fresh three week lows near 83.20 against the dollar, while the crosses followed diligently behind. EUR/JPY pushed to a 10 month high just over 117.50, GBP/JPY capped its rise at 133.80, while AUD/JPY saw 85.95 for the first time since May of 2010. Just when it looked like the beginning of a bearish day for the Japanese currency, it seemingly woke from the dead and flew higher with talk of year end position squaring and exporter buying making the rounds. With tempting low prices, the bargain hunting gained momentum as the day progressed, pushing the yen through breakeven levels to session highs by the end of the lunch break. Full text »

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