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Japanese Yen strength continued during past Asian session, and halted just above the 95.00 zone. Break under 95.50 zone, trigger some selling momentum and as long as price remains closing daily under that zone, Yen appreciation will likely continue. I have read some data selling that a factor checking further yen gains was selling by players who had sold about $2 billion worth of dollar-put, yen-call options contracts struck at Y95 and set to expire at 10 a.m. New York time, dealers said. These contracts can be exercised if the dollar falls below Y95 before the expiry, resulting in losses for the sellers, so these players bought the greenback against the yen to prevent that outcome. So! what will happen after that hour is what we should be paying attention to. For now, pair remains in range, consolidating close to lows, with a first resistance at 97.76, followed by 96.10 and then 96.50 zone. Supports on the other hand, will be at 95.13, 94.86 and 94.52. Indicators are quite flat in this 4 hours charts, not suggesting a clear bias, yet daily charts are giving first signs of exhaustion. If the pair regains the upside, 97.10 is a logical target for the correction.
