The pair opened at Y101.54 this morning and retreated again to Y101.33, matching last night’s US session low, but again bounced ahead of the strong Y101.20/30 support area. It edged up to Y101.40 after the release of BOJ minutes and data releases including March CGPI, and then continued on to Y101.56 before stalling briefly just shy of the initial Y101.58 high. The pair then continued on through that to reach a high of Y101.71 before offers from Y101.80 then capped the move, and the pair then eased a few points after that, with more offers cited ahead at Y101.90/95, before last night’s Y101.97 US session high. Dollar-yen was last at Y101.57, with stronger resistance then seen at the Y102.15/16 zone. Stops remain above Y102.20 and Y102.50 with a close above Y102.50 needed to confirm a break of the 21-day moving average (Y102.43) andease bearish pressure. Overall, a close above Y103.10 remains needed to end bearish aspirations and see the Y104.13 Apr 4 high targeted. Immediate focus remains on the Y100.75-101.20 region with the 200-DMA noted at Y100.81.
