The pair opened at Y108.89 this morning after trading a high of Y108.97 last night following the FOMC decision and the announcement to end QE. Early dealings saw the pair briefly trade through the US high and then through Y109.00 this morning, for the first time since Oct 7 before retreating again to a Y108.75 low. Japanese stocks opened marginally higher, giving yen crosses a mild lift, though some moderate selling interest initially limited dollar-yen’s gains to Y109.01. The pair eventually broke through as some players moved to clear out the rumored offers and stops there but ran into more sellers at Y109.20, which successfully capped further upside progress. Dollar-yen traded a high of Y109.12 and then eased to last trade at Y109.03. Above those rumored stops and offers around Y109.20, sees the Oct 7 high of Y109.24, with more sellers then expected beyond that, from Y109.50.
