JPY started in Asia at Y99.10 after a listless US holiday session, while euro-yen opened this morning at Y132.94. A positive start to the Japanese stock market session propped up risk sentiment, and started a move higher for dollar-yen and euro-yen. Dollar-yen broke through the overnight high of Y99.30 with relative ease, as Japanese stocks also extended their opening gains, to end the morning session up 1.69%. Dollar-yen then pushed through rumored barriers at Y99.50 and got up to a Y99.60 high soon after. Euro-yen also followed suit with a move up to Y133.37 high around mid-morning and continued to hold near that high right until after the Japanese stock market’s morning close. Dollar-yen was last at Y99.54, just off the peak while the cross was at Y133.34.For dollar-yen, offers remain intact above current levels, believed to stretch up to Y100.00, where there’s been mention of larger option interest, Japanese accounts cited among the main sellers ahead of that. With daily tech studies said to be approaching overbought levels, any sustained move lower for dollar-yen remains tied to a close below the 200-day moving average, valued at Y97.81 currently.
