Japanese markets are closed today for a holiday, also marking the start of Golden Week, which sees most Japanese businesses and trading houses closing shop for about a week ending next Tuesday. Dollar-yen opened in Asia this morning at Y102.49 after a Y102.23 to Y102.63 range in the US overnight. There were hardly an trades done today and dollar-yen appeared content to hover mostly around Y102.50 through the entire Asia-Pacific morning. It traded a high of Y102.55 earlier in the session but backed away to Y102.50 toward the end of the morning and was last at Y102.48 as the market waits for the European session to get underway. At current levels, the pair remains between the 21-day moving average at Y102.55 and the 55-day at Y102.39 but bulls continue to target a close above Y102.72 (high Apr 22) to resume bullish bias. However, medium offers at Y102.65/70 remain as the first hurdles for any upside prospect while on the downside, stops are reported below Y101.50
