The pair flirted with the 200-day moving average (Y102.34 today) on Tuesday before closing marginally below in New York at Y102.26. It started this morning in a Y102.26 to Y102.30 range with initial attention focused squarely on the release of Q2 prelim GDP data. Dollar-yen witnessed a brief yet sharp drop to Y102.24 just as the data were released but very quickly recovered to Y102.32 after that. A weak start to Japanese stock markets kept the pair from any attempt to extend gains past the 200-day moving average at Y102.34 and it retraced back to a low of Y102.22. Another recovery followed toward the end of the morning as Japanese stocks recovered also (Nikkei 225 ending the morning up 0.16%) but again the 200-day limited the gains. Dollar-yen was last at Y102.29 with any break above the 200-day likely to target offers and stops around theY102.50 mark, with more sellers seen then from Y102.65 and Y102.80. Meanwhile, the 21-, 55- and 100-days remain clustered in the Y101.93-102.06 region. Stops are noted above Y102.50 and Y103.10 and below Y101.90, Y101.50, Y101.30 and Y101.00.
