Another session of modest gains for the Japanese yen as the dollar weakened again this morning. Dollar-yen opened at Y101.69 as Japanese markets returned from Golden Week, after falling to a Y101.50 low last night in the US. It traded up to Y101.78 in early dealings, although it showed little reaction to the BOJ’s minutes of its April 7-8 policy meeting. Dollar-yen turned back again following a lower open in Japanese stock markets, slipping to Y101.64 soon afte the Nikkei 225 started trading and then extended the lows to Y101.53 around mid-morning. The pair however ran into strong demand from Y101.50, and regained some lost ground to trade back up to Y101.66. It was last at Y101.61. There’s also a fair amount of interest noted to the topside, with offers lined up from Y101.85 to Y102.00. Euro-yen meanwhile marked a Y141.43 to Y141.75 range this morning after it had opened at Y141.53. It traded higher early in the session thanks to the euro’s gains but has since dropped back to hit session lows, andwas last at Y141.54. A close below the Y140.99 support would confirm a break lower and shift focus to Y139.96-140.02 support. A close above the triangle top at Y142.67 would confirm topside break, shift focus to Y143.45-79
