The pair opened at Y102.79 this morning, after a Y102.73 to Y103.01 range during the US hours last night. It briefly traded up to a Y102.93 high in early dealings but turned back down again toward Y102.78 as another subdued session got underway. Strong offers from Y103.15 continue to limit the pair’s upside potential above the overnight high of Y103.01 and the pair then extended lows back down to the US low of Y102.73. It recovered again around mid-morning and held near Y102.90 through the rest of the session while players waited for tonight’s non-farm payrolls for further clues. Initial support is noted at the Y102.72 level with stops noted below Y102.70 today. The pairremains well above the Bollinger band top which is likely to see further consolidation while the Bolli catches up. The Y102.17-35 region remains key support with bears needing a close below to confirm an easing of bullish pressure and see focus return to the Y101.61-95 region. Topside stops are also noted above Y103.10.
