The pair opened at Y116.45 this morning after a Y116.08 to Y116.55 range during the US hours last night. It traded an early low of Y116.42 before recovering on a positive start in Japanese stocks. Dollar-yen crept higher in early dealings to trade a Y116.80 session high before easing. Attention has been squarely on on PM Abe’s expected announcement of the sales tax hike decision and the likely elections. Dollar-yen continued to hold within that early range through the morning, and was last at Y116.55. Yesterday’s Y117.06 Asian session high remains as the immediate topside hurdle with a break there to see the pair take on the Y117.19 high of 17 Oct 2007, with sellers then noted beyond that from Y117.25. Initial support has developed inNY afternoon trading at Y116.38 with further support noted at Y116.08 and stops noted below both of these levels with more substantial stops below Y115.31
