The pair opened at Y104.32 this morning after finding support ahead of Y104.09 low from Wednesday. It marked an early low of Y104.19 amid a lower start to Japanese stocks earlier and then spent the rest of the morning range-bound within a Y104.20 to Y104.40 band. It traded toward the upper end of the initial range ahead of the Tokyo fix but was stymied by talk of sell orders from around Y104.50. It eased toward Y104.20 and then recovered back again toward Y104.35 in the early afternoon, in a rather directionless manner. With stops noted below Y104.00 a close below this level is needed to relieve the renewed bullish pressure that has resulted in spikes above the 21-day moving average at Y104.55. A close above that 21-day is needed to reconfirm bullish focus and see the Y105.44 2014 high targeted with the relatively flat 21 dayupper Bollinger band noted at Y105.54 with closes above a rarity. A close below Y104.00 sees the focus shift back to the Y102.50-85 region.
