The pair opened at Y117.70 early this morning and inched higher in opening trades before running into resistance at Y118.00 with some talk of exporters still having offers there. It held at at Y117.92 a few minutes before the first batch of Japanese data releases due today. which included CPI and unemployment data. These were largely within forecasts and dollar-yen held steayd around Y117.91 after that. The pair briefly retreated to Y117.83 after the release of better-than-expected retail sales and industrial production before a stronger open in Japanese stocks reversed the move. Dollar-yen cautiously pushed through Y118.00 after that, initially reaching Y118.12. A lack of any major selling then triggered a stronger rally in dollar-yen, carrying it to a Y118.28 high. The pair held near there through the rest of the morning and was last at Y118.22, with a break above the session high likely to see a move toward the Y118.50/60 region. Yesterday’s Y117.24 session low serves as immediate support. Stops are seen topside above Y118.10 and Y118.60 and on the downside below Y117.00, Y116.30 and Y115.30.
