The pair started in Asia at Y101.58 after recovering from the overnight fall to Y101.31 lows. Early selling pressure saw dollar-yen slip a bit and this accelerated after Japanese stocks opened lower. Dollar-yen retreated to Y101.45 after the stock market opened but picked up demand interest from rumored Japanese accounts off the low. The move continued into the Tokyo fix, and dollar-yen found itself holding comfortably near Y101.60. It peaked at Y101.66 after the fix but Japanese stocks remained in negative territory, weighing on dollar-yen. The pair turned lower again to hit a fresh session low of Y101.41 late in the morning as the Nikkei 225 ended the morning down 1.70%. Dollar-yen stayed soft and was last at Y101.45, but still holding above the overnight lowof Y101.31. A move below that is likely to set the pair up for a look at the year’s Y100.79 low, although there’s talk of strong demand below from Y101.25/20. On top, some minor resistance within this week’s range, from Y102.10-20 but still seen needing a move back above Y102.40 before confidence will return for a run at Y102.63-Y103.00.
