JPY opened at Y102.61 this morning while euro-yen started at Y141.66. Early morning action was subdued, with dollar-yen content to stay within a Y102.56 to Y102.65 range until the start of the Japanese stock market. The Nikkei 225 opened slightly higher and dollar-yen followed suit, with a move through last night’s US session high of Y102.66 for a high of Y102.71 while the cross also climbed to a session high of Y141.78. The gains were eventually capped there as dollar-yen continued to run into persistent selling from the Y102.75/80 region and toward Y103.00. The release of the HSBC China flash PMItriggered a round of risk-off selling which pushed euro-yen back down to Y141.62, taking dollar-yen down with it to a Y102.50 low. Dollar-yen was last at Y102.54 while the cross was at Y141.70. Dollar-yen offers remain in place above the initial high while traders also remind of stops above Y103.00 with the daily Ichimoku cloud top also noted there, at Y103.07. A close below the 55-day moving average at Y102.35 would to override the bullish pressure that is initially targeting the Y103.10 level with overall focus on the Y104.13 Apr 4 high. Stops are noted below Y102.30 and above Y103.10 today.
