JPY opened at Y101.34 this morning, off last night’s US high of Y101.37 while euro-yen started at Y138. Dollar-yen weakened early to a Y101.26 low a few minutes after the open and was holding at Y101.28 as Japanese stocks started the day in negative territory. Early talk of stops noted just below Y101.20 drew some interest but these were eventually taken off. Dollar-yen continued to hold above the early low, inching back up to Y101.38 as bids then appeared at the Y101.20/00 area. Lack of any major data kept dollar-yen within the early range with the pair last at Y. Lower levels remain favored whilelayers of resistance in the Y101.66-95 region cap. A close above Y101.95 would shift the immediate focus back to the Y102.35 level, while offers are seen from the Y101.70/80 zone. Euro-yen meanwhile marked a Y137.71 to Y137.92 range through the session today and was last at Y137.84, after it closed at Y137.91 last night in the US.
