The pair opened at Y117.87 this morning in Asia and spent the early few hours in a Y117.70/90 range. It witnessed a spike through Y118.00 a few minutes after Japanese stocks opened this morning a move linked to a surprise policy easing by the Singapore central bank. As the US dollar rose across most regional currencies, dollar-yen also reached an initial peak of Y118.07 before getting pulled back down. It popped higher again after aussie-yen jumped following the release of Australian Q4 CPI data with minor follow-through buying then lifting the pair up to Y118.27 high as Japanese stocks also recovered off early lows. Dollar-yen ran into sellers off the high and last traded at Y118.14. On the downside demand is noted at Y117.55, trend-line support is seen at Y117.30 while below there, Y117.00 marks the 61.8% Fibonacci retracement of the Y115.85 to Y118.87 rise. Initial resistance is noted at Y118.00, marking the 50% fibo on the Y118.65 to Y117.35 fall.
