The pair started Tuesday’s session at Y102.12 after it had traded a Y101.90 to Y102.19 range in the US last night. Early demand from Japanese names kept the pair inching higher, helped along also by a positive morning in Japanese stock markets today. Dollar-yen briefly ran into resistance as offers at Y102.25 restrained the move but dollar-yen eventually worked its way through those for a high of Y102.25. Dollar-yen continued to hold up near the morning highs as Japanese stocks also ended the morning with small gains but failed to extend its initial highs as sellers rumored at Y102.30 began to chip away at dollar-yen’s earlier rise. The pair was last at Y102.22 with immediate offersseen ahead at Y102.30 and then at the Y102.50/60 zone while bids are noted down at the area of the overnight US session low, at Y102.00/101.90. A close above the 21-day moving average at Y102.20 would confirm a further easing of the bearish pressure andsee immediate focus shift to the Y102.80 level where the 100-DMA and 21 day upper Bollinger band are located.
