A relatively dull session for the Japanese yen this morning for a change, dollar-yen opening at Y102.76 and euro-yen at Y14. Dollar-yen traded an early Y102.69/78 range as risk appetite calmed a bit following some stability in overnight metal and commodity markets as well as US stocks. Dollar-yen broke higher from around Y102.79 after Japanese stocks opened higher and went to a Y102.87 high amid reported demand from Y102.50. The move stalled after it matched last night’s US high and encountered sellers from Y102.90/103.00 and then turned back down to Y102.73. Dollar-yen then extended the low to Y102.63 a few minutes later as euro-yen also slipped to Y14 before another rebound was then seen. Dollar-yen was last at Y102.798 with the cross last at Y142.88. Further down, layers of support are noted in the Y102.11-38 region including the 21-day moving average at Y102.41 and the 100-day at Y102.21. A close below theY102.11 Mar 5 low is needed to end bullish aspirations and see the focus shift lower to the triple daily bottom in the Y100.75-80 region with the 2014 low noted at Y100.75
