The pair started at Y104.73 in Asia today and then edged higher through the morning while euro-yen started at Y143.41. Dollar-yen rose in early trade following the release of a slew of month-end data, including CPI, industrial output and retail sales. It flirted with the recent Y104.85 high, its highest since Oct 2008, but initially hesitated to move through that amid rumored offers fronting a Y105.00 barrier. But the gains soon overwhelmed that, with dollar-yen taking out minor stops above Y105.00 for a high of Y105.04 so far, its best since Oct 6, 2008, before the pair then backed away. Euro-yen also gained in unison, peaking at Y143.94, also its best since Oct. 2008. Dollar-yenheld near the highs through the rest of the Asian morning, and was last at Y104.83 while euro-yen was at Y143.75. Focus for dollar-yen now shifts to a retest of the Y106.99 Sept 25 2008 high. Support is now noted at the Y104.63 previous 2013 high and Y104.41 level that capped recently with stops noted below both of these levels. The Y103.78 support is seen as key with a close below needed to relieve the renewed bullish pressure but overall back below Y102.50 is needed to see focus shift lower once more.
