Traders note only tepid interest in putting on yen carry trades, despite the positive stock open. The market was leaning long euros because of expected demand for euro-yen at the US stock open. This did not materialize to the degree expected, and so the euro is edging lower currently (along with euro-yen), they say. A break above earlier highs near $1.2925-30 will suggest scope for a return to the Nov 6 peak at $1.2965. Should stock gains escalate, and there is renewed
demand for euro-yen, traders would not be surprised to see $1.3000 break, fairly easily. Attention would then shift to last week's highs near $1.3116.