It’s been a subdued session for the JPY this morning with no major Japanese data or central bank speakers to cue the market. Dollar-yen opened at Y102.24 and was weighed down initially by expectations of a weak stock market open following losses on Wall Street overnight. It fell to a session low of Y102.14 a few minutes after the Nikkei 225 opened but losses were trimmed soon after and dollar-yen managed to recover some lost ground as demand from Y102.10/00 picked up the slack. The pair got up to Y102.35 in the late morning/early afternoonb as Japanese stock moved back into positive territory, but the rebound lacked strong momentum and sell orders from above successfully capped the move while Japanese banks were rumored to be seeking better levels to sell as well. Dollar-yen was last at Y102.33, not very far from where it hadstarted the session today. The Y101.94 level remains key support for the pair this week with a close below needed to end bullish hopes and see bears targeting a retest of the Y100.75-101.20 region with the 200-DMA slowly working its way higher and coming in around Y100.56.
