It’s been a quiet morning for the JPY today with a lack of any major market-moving news or any dramatic developments over the weekend to jumpstart the market. Dollar-yen opened at Y100.27 after closing around Y100.20 last Friday while euro-yen started the day at Y135.32. Dollar-yen marked an early high of Y100.40 as early risk appetite improved following last week’s strong showing in Nikkei futures and expectations of a positive open in the cash market today although euro-yen struggled to make further headway this morning, capped at Y135.40 so far. Dollar-yen then backed away soon after on profit-taking, and with the cross also getting dragged lower by broader euroweakness, slipping to a Y100.21 and Y135.11 morning lows. Subdued trading interest continued to mark the rest of the morning session and dollar-yen then edged back up to trade in the middle of the morning’s range. Dollar-yen was last at Y100.26 while the cross stayed near the lows at Y135.12. Dollar-yen seen needing another move through Y100.44 European session high to encourage further run higher, although offers ahead of a rumored Y100.50 barrier may impede initial efforts, September’s Y100.62 high then seen as initial resistance.
