The pair started the new week at Y102.07 this morning, and made some cautious early gains up to Y102.14 before talk of offers beyond this morning’s high from Y102.15 to Y102.20, then capped the move. Dollar-yen then held ground in a Y102.10/15 region over the next few minutes, before it began to grind higher again following a relatively flat opening in Japanese stocks, pushing through the early high and getting up to a Y102.21 high before it turned back again. The pair traded a high of Y102.21 this morning but stayed off rumored stops layered above Y102.25 and further offers noted from Y102.50. It backed away a bit to Y102.14 again in the afternoon session and was last at Y102.14. The Y102.35 resistance level remains key for the pair this week with bulls looking for a close above this level to end bearish hopes and see immediate focus shift to the Y102.79-103.02 region. Further stops are noted above Y102.40 but it should be noted the 21 day upper Bollinger band is at Y102.46 and closes above are a rarity. A close below Y101.95 would ease the current bullish focus and target the Y100.77-82 region. More stops are noted below Y101.90 & Y101.70.
