The pair opened at Y108.09 and found an early lift to Y108.25 high as the US currency showed some signs of recovering from the previous night’s losses. But dollar weakness resumed soon after and dollar-yen then turned back down to trade Y108.02 before another bounce then follows. Comments from BOJ governor Kuroda were not considered overly inspiring and dollar-yen continued to edge higher, pushing through the early high and marking a new morning high of Y108.33. Again the gains faltered, and dollar-yen turned back down, this time trading right at last night’s US session low of Y108.00. The pair then ran into dip-buying interest from around Y107.90/80, which triggered another rise to Y108.15/20. The pair repeated the process again in the latemorning, although this time Y108.00 gave way and the pair traded a low of Y107.84, though there have been no signs of another major rebound so far. For now, expect demand interest from the earlier noted Y107.90/80 region to keep the pair off yesterday’s Y107.75 low but stops are expected to be hit if that also crumbles. Next support is then seen toward Y107.40, with further demand also noted building above that from Y107.50.
