The pair opened at Y101.73 this morning after a Y101.54 to Y101.82 range last night in the US. It started out with small gains, pushing through the overnight high and to a Y101.87 high less than an hour after Japanese stocks started the session on a slightly firmer footing. The gains however ran out of steam after the Tokyo fix amid a lack of fresh market drivers, and dollar-yen then spent the rest of the morning easing away from the highs. Dollar-yen fell to a session low of Y101.74 and has since shown little recovery off that, as markets began to wind down ahead of the weekend. The pair was last at Y101.78. Immediate offers just ahead, on approach toward Y102.00. From a tech perspective, a close above the 21-day moving average at Y101.92 would confirm an easing of bearish pressure whereas a close above the 55-day at Y102.23 is needed to shift the focus back to the Y102.55-103.10 region.
