The JPY witnessed a moderately active session this morning after opening at Y13.16 against the dollar and at Y141.67 vs the euro. Dollar-yen traded lower from the get-go as the US dollar broadly wilted, with the pair’s opening marking its high for the session. Dollar-yen was dragged further down to Y103.18 a few minutes after Japanese stocks opened lower as euro-yen also slipped to Y141.33. There was a brief respite as dollar-yen recovered a bit to Y102.93 as initial support at Y102.80 held. Losses resumedafter that as the pair took out minor stops below Y102.80 and sank to a low of Y102.74 while euro-yen traded a low of Y141.22. The move was then countered by rumored demand from Japanese names coming in between the low and Y102.70. The BOJ decision came out as expected and dollar-yen briefly traded down again to Y102.77 and then recovered to Y103.06 soon after. The pair was last at Y103.00, with stops noted below Y102.70 and sell orders mentioned further up to Y103.50. Euro-yen was last at Y141.51. Immediate focus today is on the 100-day moving average at Y140.87 with a close below needed to add further weight to the bearish case.
