JPY witnessed a healthy revival this morning amid the closure of Japanese markets for a public holiday, courtesy of a broader US dollar pullback following Friday’s disappointing payrolls numbers. Dollar-yen opened at Y103.99 just off Friday’s Y103.83 US session low seen following the jobs data. There was a mild recovery at the open to Y104.15 but long positions were subsequently hit as Asian players began their week. Dollar-yen traded Y103.91, and then made marginal gains again to Y104.04 before turning lower. The market then took aim at sell-stops in dollar-yen, firstly at Y103.75 and then at Y103.50. Tghe pair continued to head lower after that, before the move ran outof steam following another round of sell-stops at Y103.35/30. Dollar-yen dropped to a Y103.26 low before fresh demand from Asian accounts then appeared below the session low. Euro-yen meanwhile took its cue from dollar-yen after it opened at Y142.15. It dropped below Y142.00 and continued south to a Y141.23 low before stabilizing. Dollar-yen was last at Y103.38 with the cross at Y141.23.
