The pair opened at Y116.86 this morning in Asia and tested Y117.00 in early dealings before backing away. A positive open in Japanese stock markets then ignited another rally in dollar-yen, which then broke through Y117.00. The pair went through the Y117.06 high traded on Monday and ran through minor stops for Y117.23. The pair pulled back after rumored sellers defending a Y117.25 barrier appeared, slipping to Y116.90. Dollar-yen however broke through those in the late morning hitting a high of Y117.32 a few minutes ahead of the BOJ’s policy announcement. The BOJ decision was as expected and dollar-yen then pulled back again to Y117.11 before staging another rally to another session high of Y117.40. Dollar-yen was last at Y117.37 with eyes now on BOJ Governor Kuroda’s news conference later. Ahead, further offers are noted at Y117.50, with more stops seen above that while the 16 Oct 2007 high comes in just below that at Y107.47.
