The pair opened at Y102.63 this morning and made modest gains to Y102.68 in early dealings, continuing the gains seen after yesterday’s Japanese trade data. The pair extended the early gains through last night’s Y102.69 US high after Japanese stock opened higher, and traded a high of Y102.74 a few minutes after the open. Broader US dollar selling took the wind out of dollar-yen’s sails after that, with the pair then slipping back to Y102.62 before Japanese demand carried the pair back toward Y102.70. Rumored sellers from around Y102.75/80 curtailed further moves, and as Japanese stocks traded off their early higher, with dollar-yen then spending the rest of the morningchopping around near Y102.65. It last traded at Y102.66 with further offers cited ahead at Y102.90, and the 100-day moving average coming in above that at Y102.96. A break above Y103.00 sees the Ichimoku cloud top coming in at Y103.06, with sellers then seen at Y103.20 and Y103.50.
