The pair started this morning at Y102.33 after last night’s Y102.17 to Y102.37 range in the US, and initially hovered in the Y102.30 region through the early hours of the session. It held at Y102.35 as Japanese unemployment rate and household spending data were released, and then eased to Y102.28 after the data. It extended losses to Y102.25 after Japanese stocks opened lower but ran into rumored demand from corporate names off the low. The pair recovered some ground in very thin trading conditions, hitting a high ofY102.40. Since then, dollar-yen has been holding off the high on consolidation ahead of tonight’s non-farm payrolls data. Dollar-yen was last at Y102.37, with offers ahead at Y102.50 while bids to the downside are seen at Y102.05/00. Stops are noted above Y102.50 and Y102.80 and below Y102.00 and Y101.80. From a tech perspective, while Y102.46 caps, immediate focus remains on the Y101.86 support with a break lower seeing focus shift to the key Y100.75-101.32 region
