The pair started the session today at Y102.32 and was initially held in a narrow Y102.18 to Y102.33 range in early trades. Initial attention was on Japanese CPI data, and dollar-yen was under slight pressure ahead of that release, at Y102.20 but holding off last night’s Y102.08 low. The pair jumped to a Y102.38 high soon after the CPI data release and paused ahead of a cluster of moving averages just above the initial high, the 55-dayat Y102.39, 5-day at Y102.48 and the 21-day at Y102.58, while further up, offers were also noted at Y102.50 and Y102.65/70. Dollar-yen broke higher again later in the morning as Japanese stocks entered positive territory, hitting a Y102.50 high before running into sell orders at the peak. The pair held on below that high through the rest of the morning, and was last at Y102.34. A close above recent Y102.72 highs would confirm a break of the 21-day and kickstart bullish momentum whereas a retest of the Y101.86 Apr 17 low and then the Y100.75-101.32 region below, is expected while the pair hold below Y102.72. Stops are noted below Y101.80 and above Y102.80.
