These are just my thoughts on the potting medium for the Dendrobium...
The leaves may signify yellowing of older leaves on a semi-deciduous type of Den.
However...
If the yellowing is really not due to older leaves aging and falling off, and it is an early indicator of over watering - then may I suggest changing the potting media from moss to small grade bark to provide for better gas exchange in the area around the roots.
If you haven't known or haven't been told already, most epiphytical orchid roots, (including your Den), have roots that are capable of photosynthesis. Just a fun thing I like to spread around.
Sometimes, the photosynthetic process the roots provide can be far greater than that of the vegetative portion of the plants themselves, (depending on the species, of course). An extreme example are the Asian Ghost Orchids, or the true Ghost Orchids.