USD/JPY opened at Y118.93, the first move was higher, as demand related to the Tokyo fix pushed the pair up to Y119.10. Dollar-yen held near that high in the initial few hours, partly supported also by a positive open in Japanese stock markets. Comments by BOJ governor Kuroda had little effect on the yen market and it continued to hover around Y119.00. Once the fix had finished, light Japanese exporter supply pushed the pair down to Y118.87. Dollar-yen then spent the rest of the morning shuffling in a Y118.90/Y119.00 range. It last traded at Y118.90. Resting Japanese exporter supply is cited to be still in place from around Y119.50. Support lies at Y118.72, marking the 61.8% fibo retracement of the Y118.44 to Y119.19 rise, initial resistance lies at Y119.18 (yesterday’s high). In yen crosses, euro-yen opened at Y135.15 this morning and followed dollar-yen higher in early dealings. Gains were also limited and the cross spent the morning in a Y135.10 to Y135.36 range. It last traded at Y135.12.
