A relatively dull session for the Japanese yen this morning as dollar-yen opened at Y101.86, just off the overnight US high of Y101.88. Early dealings saw the pair trapped in a narrow Y101.82 to Y101.89 range as market players eyed Japanese data releases and stock markets for close. The release of Japan’s unemployment data and household spending failed to trigger any significant moves and dollar-yen held at Y101.83. The pair edged higher some time after the release of retail sales and industrial production data and a positive open in Japan stocks and it then traded a high of Y101.91, just matching the overnight highs. According to dealers, offers from Y101.90 up to Y102.10 kept the gains limited, while the 100-day and 200-day moving averages were also noted at the Y102.05/08 area creating resistance. Dollar-yen slipped back toward the low as the morning wore on but the lack of any meaningful interest kept it above the morning’s Y101.81 low. It was last at Y101.89, with immediate support at Y101.70/60 region. Stops are seen below Y101.60 and above Y102.10 and Y102.40 today.
