The pair witnessed a subdued session today, marking the end of the Japanese fiscal year within narrow ranges. Dollar-yen opened at Y102.96, just off Friday’s multi-session high of Y102.98 but failed to make further headway beyond that. Dollar-yen slipped to Y102.85 in early trades but got a lift back through Y102.90 after Japanese stocks opened slightly higher. The pair dropped back to hit a fresh low for the morning at Y102.81 and caught another round of bids, with demand coming from Y102.40 and toward Y102.00. Gains however also ran out steam after re-visiting the earlier high at Y102.96 with the pair then easing again to last trade at Y102.90, and some traders noting the pair is now back within the daily Ichimoku cloud, with the cloud top serving asresistance at Y103.12 while support is at the cloud base of Y102.46. Bears now look for a close below the Y102.48 level to ease the bullish pressure while a close below last week’s Y101.72 low is needed to see focus shift to the Y100.75-101.20 region.
