The pair opened at Y117.57 this morning and got a modest boost from early in the session, touching Y117.70 initially. A positive start to Japanese stock markets and dollar-yen was lifted further to Y117.85. Japanese importers were predominant buyers from Y117.50 to Y117.98 while the stronger Nikkei 225 lent support, and as firmer oil prices and higher yen crosses also powered demand for the pair. Dollar-yen extended gains further as demand for aussie-yen also appeared, with the former then making a run for Y118.00. It traded a high of Y118.00 and stumbled into sellers off the high. Dealers said Japanese exporters were the main sellers in the late morning and capped the pair’s gains, driving it back down to last trade at Y117.76. There are further offers noted from above Y118.00, with stops then seen on any break above Y118.20, and more sellers at Y118.30. Demand is seen from around Y117.20, down to Y117.00.
