A relatively quiet session for the JPY this morning, with dollar-yen starting the day at Y101.68 and then spending the initial hours of the session treading water between Y101.66 and Y101.70. Japanese stocks opened lower but then turned back up into positive territory, helping dollar-yen snap out of the morning slumber. Dollar-yen then rose to Y101.76 and followed up with a move to Y101.78 high but couldn’t get through rumored sellers at Y101.80. The pair eased a few points after that, to Y101.70 but found minor support off there, and was last at Y101.76. Euro-yen meanwhile opened at Y137.97 and spent the early hours holding a Y137.95 to Y138.02 range. It marked the session high of Y138.09 about the same time as dollar-yen then pulled back after that to last trade at Y138.00. While Y101.95 caps dollar-yen, bears continue to hold out hope for a continuation lower that initially targets the Y100.75-82 region although layers of support remain in the Y101.10-41 region that need to be accounted for. Stops are noted below Y101.40 and Y101.00, and above Y102.00 and Y102.40.
