The pair traded sideways in a narrow range this morning, locked in by decent orders on either side of the market. Dollar-yen opened at Y102.18 and was initially held up near Y102.20 in early trades before it drifted down to an initial low of of Y102.16 after the release of Japanese CPI and unemployment data, which were mostly as forecast. Dollar-yen was then seen holding near initial lows at Y102.17 as retail sales data were issued and it dropped further toward Y102.00 after Japanese stocks opened lower. It traded a low of Y102.04 and then picked up bids from Y102.00 and below, at Y101.85/80 which then triggered a rebound. Dollar-yen got back up to Y102,25 and thenturned back again, and was last at Y102.13. Further up, exporter offers are said to be still in place from above this morning’s high with stops then seen at Y102.50 and resistance then noted at Y102.87, ahead of strong selling interest toward Y103.00. Immediate support is seen at Y102.00, according to dealers.
