The pair opened at Y104.27 this morning, gapping higher after last Friday’s Y103.94 close. The pair reached a high of Y104.20 on Friday in the wake of remarks by Fed chair Yellen’s Jackon Hoel speech but faded lower into the US close. This morning dollar-yen made further attempts to extend the move clearing out the US high prior to the Asian open but ran aground in the face of rumored sellers near Y104.50, believed to be option-related, dealers say. Dollar-yen continued to slip in early Asian dealings, and was at Y104.21 when Japanese stocks opened marginally higher. That held the pair up for a while but dollar-yen eventually slipped to a Y104.09 Monday Asian low. Reported demand from Japanese names came into play off the low and dollar-yen was then liftedback to Y104.20, and was last at Y104.24. Stops are noted below Y103.50 while further down, the Y102.95 level is a key support for dollar-yen this week.
