The pair started at Y101.57 this morning and went through last night’s US low of Y101.48, to a low of Y101.47 in early dealings following the overnight drop in US Treasury yields but found some stability around the Y101.50 mark. The pair marginally extended the low to Y101.44 minutes after Japanese stocks opened lower, but losses were contained and the pair quickly returned to Y101.50 again. Dollar-yen continued to hold around there through much of the morning, and then edged higher toward Y101.60 in the late morning. It went up further to a high of Y101.65 as US Treasury yields rebounded and was last at Y101.63. Offers ahead from Y101.80 and stacked up to Y102.00 are likely to keep a lid on the pair for the rest of the session, while support lies around the Y101.40/30 region. Immediate focus to the downside has returned to the Y101.24-34 region while a close back above Y101.95 would then shift focus back to the key Y102.35 level with a close above that ending bearish hopes. Stops are noted below Y101.20 and Y100.70 today.
