The pair finally managed a close above the 200-day moving average (Y102.36) last night, with the pair also spiking above the previous Y102.46 resistance level. The pair started this morning’s session at Y102.41 and spent the opening hours in a tight Y102.40/46 range. The pair began to inch higher after the release of Japan’s machinery orders data and briefly touched Y102.50 after Japanese stocks opened higher. A small pullback was seen after that but dollar-yen then bounced off Y102.45 to stage a stronger rally through Y102.50. It got up to Y102.60 when stops above the US high of Y102.55 were triggered and then to an eventual high of Y102.61, taking its cue from a similar run in euro-yen. The cross rebounded off a Y136.86 low and went through Y137.00 for ahigh of Y137.12, and was last at Y137.04. Dollar-yen meanwhile also continued to hold near the high, and was last at Y102.59. More stops are noted above Y103.10 while downside stops are noted below Y102.20 and more importantly Y101.95. Reported offers are also noted above the US high, from Y102.65/70 and Y102.80/90, up to Y103.00.
