The cross closed in NY at Y101.78 after rate had seen highs in this session of Y102.05, seen as a reaction to the release of stronger than forecast US retail sales data though move failed to retest earlier Asian highs of Y102.15. Rate edged to Y101.85 in early Asia before Tokyo reversed this early move, the move down through Y101.70 providing the initial momentum that allowed traders to turn attention toward stops below Y101.50. Triggered stops through Y101.50/45 provided the added weight to take rate to extended lows of Y101.37. Rate recovered to Y101.70 but again met a wave of sell interest which pressed rate back toward the overnight lows into early Europe. Rate currently trades around Y101.40. Traders note next support at Y101.25/20 with more stops below. Further demand into Y101.00, with stops below beginning from around Y100.98. Resistance remains up at Y102.05/25. Euro-yen tracked dollar-yen moves, edging to an overnight high of Y132.29 before pressing down to Y131.85 into Europe.
