The pair opened at Y102.40 this morning and then spent the early hours of the morning trading sideways in a narrow Y102.37 to Y102.46 range, as market players held theirbreath for tonight’s US non-farm payrolls data. The median estimate of economists looks for May non-farm payrolls to rise by 210,000. Modest falls in the Nikkei 225 earlier in the day put pressure on dollar-yen, and the pair drifted down to Y102.33 after Japanese stocks opened. The pair then extended the lows to Y102.25 around mid-morning but ran into demand from US banks at Y102.20 to Y101.90. That was sufficient to hold the pair’s losses and dollar-yen then rebounded after that to Y102.37. The pair has since traded just off that as the market continued to eye tonight’s payrolls data for clues and was last at Y102.34. Dollar-yen offers are seen atop the US session high of Y102.73, from Y102.75/80 and then toward Y103.00 while to the downside, the 100-day moving average comes in at Y102.31 while further demand has been noted toward Y102.00. Stops are also noted above Y102.80 and Y103.05 and below Y102.00.
