The JPY enjoyed a mild reprieve this morning as dollar-yen ran into profit-taking interest after earlier gains. The pair started at Y117.98 and briefly traded up through Y118.00. The lack of interest to push the pair back up toward the Y118.30 overnight high led to dollar unwinding soon after, and dollar-yen slipped to Y117.87 initially. A lackluster start in Japanese stock markets also led to further dollar-yen selling, with the pair then dipping to Y117.74 before a mild bounce was then seen. That followed with another fall off Y117.88 for a low of Y117.66 before another bounce to Y117.88. Dollar-yen was last at Y117.84. A close below Y117.35 is likely to ease bullish pressure on the pair while a move below Y116.33 would then shift the focus back toward a Y115.31 support. Reported demand is noted below from Y117.50, with further bids then noted toward Y117.00. Stops are noted above Y118.60 and on the downside below Y117.30. Euro-yen last trades at Y146.96, down from the US close of Y147.17 last night. That also marked the early high for the cross, with euro-yen
then falling through most of the session, eventually trading a low of Y146.86.
