The pair opened at Y102.07 this morning and staged a rally in early dealings, getting up to Y102.20. It was initially supported off Y102.15 and went through the early high to Y102.24, matching last night high traded during the US hours. The pair then eased a few notches after the release of the BOJ’s minutes of its May 20-21 policy meeting. Dollar-yen slipped to Y102.16 and found little support from a positive open in Japanese stock markets. It then extended lows to Y102.12 before making another minor rebound to Y102.20 in the late morning. Euro-yen opened at Y138.38 and got up to Y138.47 in early trades. It was retracted to Y138.35 but recovered later in the session with dollar-yento trade a new session high of Y138.51. Attention is now on the FOMC meeting due today while dollar-yen was last at Y102.22 and euro-yen at Y138.50. There are rumored dollar-yen stops sitting just above the initial session high, at Y102.25 while offers are in place further up from Y102.50. A close above the 100-day moving average at Y102.22 would confirm a break higher and shift immediate focus to the Y102.79-103.02 region.
