The pair opened at Y119.82 this morning and was then stuck in a tight Y119.69 to Y119.88 range in the early hours. It recovered back through Y120.00 as the US dollar mo9ved broadly higher on the first trading day of 2015, although Japanese markets remain closed. Dollar-yen’s break through Y120.00 saw minor stops taken out and the pair then continued to a high of Y120.33 before easing. It last trades at Y120.33 with market conditions still relatively thin and still in holiday mode. Resistance is seen around Y120.80, teh area of the Dec. 24/23 highs. Support is seen at Y119.25 Asian low on new year’s eve, with demand then seen down at Y119.00.
