Dollar-yen closed in NY Friday at Y82.50 after rate had again been rejected from around Y82.84, on initial reaction to the strong US jobs data, with rate pressed to lows of Y82.24 ahead of the close. Early sales into Asia eased rate down to Y82.36 before it bounced back to Y82.64 with rate then settling around Y82.50 for the balance of the session. Traders in Asia expect rate to remain within an outside range of Y82.00/0.8300 with the close touch being Y82.30/80. Euro-yen was initially pressed lower into Asian trade as the euro came under general pressure on weekend reports that Italian PM Monti would tender his resignation following budget getting passed. Rate saw early lows of Y106.16 before willing buyers emerged to correct it back up to Y106.64. Another drift off to Y106.20 again found support with rate on the recovery into Europe, currently trading around Y106.46. Resistance Y106.80/85, stronger between Y107.00/10. Support remains between Y106.20/00 with stops below.
EasyForexNews Research Team