The JPY was held in narrow ranges through the Asia-Pacific session today with markets focused on tonight’s testimony by Fed Chair Yellen to the Senate Banking Committee. Dollar-yen opened in Asia at Y118.82, toward the low end of a Y118.71 to Y119.35 seen overnight, pressured mainly by hedge-fund selling of euro-yen. That cross meanwhile opened at Y134.67 today and crept steadily higher through the session although the overall trading range also remained tight. It got up to a Y135.05 high late in the session and last trades just off that high at Y135.01. Dollar-yen also tracked the moves in euro-yen as it climbed toward Y119.00 in early dealings. It struggled initially as Japanese stocks opened in negative territory but eventually did mount Y119.00 after the Nikkei 225 pared losses. Dollar-yen traded a Y119.14 high as Japanese stocks closed higher but gains faded into the afternoon. Dollar-yen last trades at Y119.06. Resistance is seen at Y119.42 (Double top 17/18 Feb), above there Y119.60 marks the 61.8% Fibonacci retracement of the Y120.48 to Y118.18 fall. Initial support lies at Y118.53 (21-DMA), and below that, Y118.15 is the 50% retracement of the Y115.82 to Y120.49 rise
