The pair opened at Y102.45 in Asia this morning and started to creep higher soon after as the market took aim at the Y102.47-51 resistance region last tested on Friday. It broke through to trade Y102.52 before Japanese stocks opened and was holding near there when Japan’s March trade data were released. The pair made another run higher soon after that, encouraged by the data and a positive open in Japanese stocks, and reached Y102.65 before stalling. Gains resumed after the Tokyo fix, with Japanese names then seen on the bid, lifting the pair up to a Y102.71 high before running into rumored offers sitting at the Y102.75/80 area. The pair eased a few notches after thatthough players continued to eye resistance ahead at the 100-day moving average at Y102.95. The pair was last at Y102.57 with this morning’s clean break of the 21-day moving average at Y102.52 shifting the immediate focus to Y103.10 and overall focus to Y104.13. Small stops are noted below Y102.30 with more substantial stops below Y101.80. Euro-yen meanwhile was last at Y141.65 after opening at Y141.43 today. The cross marked a Y141.43 to Y141.83 range, with stops noted above Y142.00 and below Y140.90.
