The pair opened at Y101.82 this morning in Asia and traded with a mildly weaker bias in early dealings, easing to a Y101.74 low a few minutes before the release of Japan’s national CPI data for June. The data came in mostly either in line with, or above, expectations, and analysts said they suggest no change in BOJ’s stance. In line with that, dollar-yen continued to hold near Y101.76 after the CPI data. Japanese stocks started the day in positive territory and then continued to hold the initial gains, prompting a move higher in yen crosses. Dollar-yen went up to while euro-yen bounced off a Y136.98 low to Y137.06 initially and then to Y137.08 in the late morning. Gains were capped as the Asian market looked ahead to the approaching weekend. Dollar-yen was last at Y101.77 while the cross was last at Y137.05. Market info suggest any further dollar-yen moves through last night’s Y101.86 US session high are likely to run into exporters selling the pair from around Y102.00, with the 100- and 200-day moving averages then converging ahead at the Y102.07 mark, and system stops seen above Y102.10.
