The pair opened at Y102.50 this morning and marked small losses at the start, carrying dollar-yen up to an early high of Y102.58. The move ran out of steam and dollar-yen offers then took hold following a negative open in Japanese stocks. Dollar-yen was also hurt further when the aussie fell sharply after the Australian jobs data, driving aussie-yen lower in line with other yen crosses. That weighed on dollar-yen which soon caved in thourhg rumored demand at Y102.40. Further selling pressure ensued and dollar-yen soon fell below Y102.20 triggering some stops along the way. The pair eventually traded a low of Y102.11 before finding support from demand placed at Y102.10, dealers say. The pair was last at Y102.14 but faces decent-sized offers in abundance from around Y102.50 and Y102.65 ahead. Further down, the Y102.00 level remains key with a close below needed to end hopes of a break of the21-day moving average (Y102.88) and see the focus shift lower to retests of the 100-day at Y101.33. Topside, a close above the 21-day is needed to reconfirm the bullish focus and see initial focus shift to retests of the Y103.43-85 region.
