The pair traded with decent gains this morning after it opened at Y102.32 and euro-yen opened at Y140.49. Dollar-yen edged higher in early trade and then found a stronger boost to Y102.47 after Japanese stock markets opened higher, with euro-yen also seeing a spurt up around the same time to Y140.69. Dollar-yen held around Y102.35/40 for a while after that and then found fresh legs to hit another morning high of Y102.61, while the cross gained to Y140.88. The pair consolidated a bit there as talk of exporter offers mixed in with Asian sovereign interest from Y102.60 to Y102.70 put pressure on before it broke higher again in the afternoon, reaching Y102.69 while euro-yen went to Y140.97. Dollar-yen was last at Y102.65 and initial support is noted at Wednesday’sY102.11 low with stops seen below Y102.00. Bears will be looking for a close below the Y102.11 level today to confirm a break back below the 21-DMA, easing the renewed bullish pressure and seeing focus shift to retests of Monday’s Y101.20 low.
