The pair ended Friday’s session at Y119.54 and started the new week with a mild uptick to Y119.58. There was little follow-through and dollar selling soon appeared with dealers citing rumored yen interest ahead of a Japanese public holiday tomorrow. Dollar-yen pulled back to Y119.31 in the late morning but encountered demand below the early low from the Y119.30/20 region. That helped to contain the pullback and dollar-yen edged back up to last trade at Y119.42. Outlook for this pair over the next few days appears positive with dealers expecting another foray into Y120.00 zone ahead. Option expiries are also located at Y119.50 and Y120.00. The renewed bullish pressure sees immediate focus on the Y119.93 Dec 9 high with overall focus having returned to retests of the 2014 high. Stops are also noted below Y119.30, Y118.75, Y118.20 and Y117.75 and topside above Y120.00.
