JPY spent this morning in relatively narrow ranges, trading mostly with a slightly firmer undertone but without breaking any fresh ground. Dollar-yen started this morning at Y99.63 and marked modest gains to Y99.68 before reversing again after Japanese stocks opened lower. Also, talk of option barriers at Y100.00 continued to hamper upside potential for the pair as did euro-yen’s pullback from its morning high of Y133.96. Dollar-yen retreated to a late morning low of Y99.48, almost matching last night’s Y99.45low before finding an inkling of support in what has been largely an uninspiring session. The cross meanwhile, opened at Y133.87 and marked the session high early in the day ahead of the Japanese stock market open, before easing within an hour after. Euro-yen dropped to Y133.77 after the stock market opened and then extended that to the day’s low of Y133.68. Comments from the BOJ’s Miyao earlier failed to trigger any reaction in yen markets nor did the release of Japan’s CGPI and machinery orders data before that. The cross was last quoted at Y133.79 while dollar-yen was at Y99.47.
