The pair opened at Y108.14 after hitting a high of Y108.17 last night in the US. It followed up with a slight dip to a Y108.10 in early dealings but clawed back some ground to trade at Y108.16 just before the start of the stock market session. The pair retreated again to a morning low of Y108.08 after better-than-expected Japan industrial production data but was eventually pulled back up on a strong morning in Japanese stocks. The recovery saw dollar-yen trade up through the overnight highs and then taking out some rumored sell orders and buy-stops above Y108.20. An expected rally however failed to materialize as fresh sellers appeared off the Y108.24 high, pushing the pair back toward Y108.15 just as Japanese stocks ended their morning session. Dollar-yen continued to hodl near there in the early afternoon as the market waited for the FOMC meeting decision due later today although no surprises are expected. Dollar-yen was last at Y108.14. Up ahead, further stops are noted above Y108.40 while offers are also seen in that Y108.40/50 region.
