A relatively firmer morning for the Japanese yen as risk sentiment worsened and investors took shelter in yen and dollar positions. Dollar-yen opened at Y101.35 and initially tracked yen crosses lower as euro-yen slipped to Y140.81 low after opening at Y140.88. Dollar-yen’s downmove uncovered some deecent buying interest from just below the initial low, cushioning the fall and triggering a recovery as euro-yen also moved higher. Dollar-yen continued to rise event though Japanese stocks opened lower and headed back to Friday’s US session high of Y101.58 before stalling. Dealers noted sellers at Y101.80/88 and up toward Y102.00 kept the pair from extending the initial recovery highs. Dollar-yen was last at Y101.51 while the cross was at Y141.19. Bulls will be looking for a close above the Y102.40 level to confirm a break of the 21-daymoving average (Y102.29) and 100-day (Y102.34) and see focus shift higher once more. While these resistance levels cap focus remains on a break of the Y101.20 level and a retest of the 2014 low at Y100.75 and triple daily bottom around that level.
