Yen bears in driving seat after G20, USD/JPY on course to take out 100
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The yen began the week on a shaky footing on Monday, with the dollar on track to take out the elusive 100 level, after the Group of 20 countries refrained from criticising Japan's reflationary policies that have significantly weakened its currency.
The dollar climbed to as high as 99.90 yen, within striking distance of a four-year high of 99.95 set on April 11 and the psychological 100 level, where option barriers are said to be lined up.
While a break there could trigger stop-loss buying, selling from option players and Japanese exporters blocked the dollar's advance.
Data last Friday showed currency speculators raised their bets against the yen in the week ended April 16, while lifting positions in favour of the U.S. dollar.
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