USD/JPY opened the week Y119.59 barely changed from Friday’s close in New York of Y119.63 and held a narrow range of between Y119.50 to Y119.76 in early dealings. The pair inched up through Y119.80 after the release of Japan’s Q4 capex data and after Japanese stocks opened higher. Gains continued to a high of Y119.96 and then turned back toward Y119.80 after the move fizzled out. Dollar-yen continued to hold within the early raneg through the rest of the morninbg, to last trade at Y119.86. Traders says Japanese exporter supply lies between Y119.90 and Y120.05. Resistance is noted at Y119.94 marking the 76.4% fibo on the Y120.48 to Y118.18 fall, support lies at Y119.17 (14-DMA).
