The pair recent rise through Y105.00 lost steam last night during the US session, as it slipped back to a US low of Y104.20 and started this morning’s session at Y104.79. Arelatively muted session then ensued as the market waited for the outcome of the BOJ’s 2-day policy board meeting today. An early spike was subsequently seen to Y104.90 ran into minor resistance and the pair then turned back down to Y104.83. It found support off Y104.80 through much of the morning but attempts to recover through Y105.00 were thwarted at a high of Y104.96. The pair continued to hold near Y104.90 into the BOJ decision, after which it then pulled back to around Y104.80 in a generally muted response to the decision. Dollar-yen continued to hover around Y104.80/90 through the rest of the morning, and was last at Y104.83. Looking ahead, while Y104.26 supports immediate focus remains on the 2014 high with a close above shifting focus to the Y110.68 Aug 2008 monthly high. Small stops are noted below Y104.70 today with more substantial stops below Y104.20 and Y103.40. Topside stops are noted above Y105.50 with selling interest seen ahead of Y105.40
