JPY fell to multi-month lows against the dollar, and to 4-year lows against the euro this morning as safe-haven positions were cut following weekend news of a deal on Iran’s nuclear program. Dollar-yen opened at Y101.30 while euro-yen started at Y137.31. Dollar-yen witnessed a minor dip to Y101.14 low despite a positive open in Japanese stocks, and then rebounded off that. It initially ran into some resistance after trading Y101.49 as sell orders, believed to be in defense of a Y101.50 barrier capped the earlyrise. Dollar-yen briefly backed away but came back again soon after, taking out stops above Y101.50 and hitting further sell orders near Y101.80 for a high of Y101.81. The cross meanwhile reached a high of Y137.94 today, its highest since Oct. 2009 after a session low of Y137.02. The move to the highest levels in 4 years keeps the focus firmly on a retest of the Y138.50-80 region last seen back in 2009. Trailing stops are noted below the Y136.50 level and again below Y136.00 with back below the latter level needed to relieve the immediate bullish focus and see focus shift back to the Y133.74-134.10 region. Euro-yen was last at Y137.84, while dollar-yen was at Y101.78
