The pair opened at Y114.83 this morning after peaking at Y114.92 during the US hours overnight, and followed up with a slight dip to Y114.71. A solid recovery was then seen with dollar-yen trading up to Y115.00 soon after Japanese stocks opened higher before it turned lower again in the face of sellers off that high. Dollar-yen pulled back through the initial morning low and slipped to a low of Y114.63. The pair traded with a heavy tone near that low through the rest of the morning before staging another strong recovery in the early afternoon. This move then propelled the pair through the early Y115.02 and then breaking through further sell orders and stops around the Y115.20 mark for a high of Y115.22 as Japanese stocks started the afternoon session with further sharp gains. Dollar-yen was last at Y115.19. Initial support has developed on the hourlies at Y114.62 since the NY afternoon session with small stops noted below this level. Up ahead, further offers are seen coming in ahead of the 2014 high of Y115.59, traded last Friday, before the US payrolls data release.
