The pair opened at Y102.35 early this morning and encountered initial weakness into the start of the local stock market session. The Nikkei 225 opened lower and weighed against dollar-yen, which slipped to Y102.20 region on selling by Japanese accounts. Pre-Tokyo fixing demand triggered a minor recovery in the pair and it got back above Y102.30 again. The move reversed again, after the fix and dollar-yen traded its morning low of Y102.13 before catching another lift from recovering Nikkei stocks. The benchmark index ended the morning off its lows and dollar-yen followed its lead, to last trade at Y102.21 in the afternoon. There’s rumored demand from below the session low so far, down to Y102.00 while on the topside, the market looks for a move back through the Y102.74 high from Tuesday to initiate further gains but offers remain in place from Y102.90 to Y103.00.
