The JPY opened on a slightly weaker note as the USD got a late session boost into the New York close. Dollar-yen started in Sydney at Y118.60 this morning after offshore markets traded a narrow Y118.33 to Y118.77 range. The pair made another small rise to Y118.66 high but ran into sellers off there. A weak start in Japanese stocks also weighed on the pair and it then retreated over the next few hours. It broke below the initial Y118.53 low and then ran into stops below Y118.50 before trading Y118.41 less than an hour after the Nikkei 225 opened. A small bounce followed to Y118.54 but the pair turned lower again soon after. It traded a Y118.40 low after that and has since showed little inclination for a stronger recovery. The pair last trades at Y118.46. Japanese exporter supply lies between Y119.00 to Y119.10. Next support is seen at Y118.21 which marks the 50% of the pair’s Y117.18 to Y119.23 rise.
