JPY started at Y101.93 vs the dollar and at Y138.67 against the euro this morning and has generally been a touch firmer, while Japanese stocks hold a slightly offered tone. Dollar-yen made another weak attempt to move toward Y102.00 but that level held again as it did in the overnight session, with dollar-yen reaching Y101.98 before turning back.Euro-yen failed to make further topside progress in early dealings and retreated from the get-go. With Japanese stocks trading in the red, dollar-yen slipped to a Y101.82 low, again matching last night’s US session low, while euro-yen losses continued a Y138.46 low. A small rebound has since ensued, with dollar-yen inching back to Y101.90 while the cross crept back to Y138.51 last. The Y102.35 level remains key resistance for dollar-yen with a close above to confirm a break of the 100-day moving average at Y102.22 and shift overall focus back to the Y104.13 Apr monthly high.
