JPY opened at Y101.92 this morning vs the dollar, and at Y140.79 against the euro. Dollar-yen staged an early retreat to Y101.80 but edged up to Y101.93 in anticipation of a positive start to Japanese stocks. Dollar-yen extended gains to Y101.98 while euro-yen moved to Y141.07 but dollar-yen then struggled to take out rumored offers at Y102.00. It eventually traded through that for a Y102.14 high before stalling again and then slipping to Y102.04, as the cross followed suit to Y140.92. The rally resumed after that, with dollar-yen this time catching fresh bids for a late morning/early afternoonhigh of Y102.27, while the cross was also carried up to Y141.31. Dollar-yen last traed at Y102.23 while euro-yen was at Y141.19. The Y139.96 level remains key support for euro-yen with the pair again bouncing from ahead of this level and stops noted below. The Y141.96 resistance level remains key with a close above needed to end bearish aspirations and shift focus higher to the Y143.45-78 region. As for dollar-yen, Stops are noted above Y102.50 with a move above seeing focus shift higher to the Y103.10-104.12 region.
