A fairly active market for the JPY today, with dollar-yen and euro-yen both retreating to their respective session lows toward the end of the morning. Dollar-yen opened at Y102.34 after gapping up from the US close of Y102.23, while euro-yen started at Y141.24. Dollar-yen initially traded sideways in a Y102.20/27 range but began to drift lower in the leadup to the start of the Japanese stock market session. Dollar-yen slipped off its perch after the stock market open and sank to Y102.07 while the cross also went to Y141.18 after an early Y141.32/32 range. Dollar-yen found minor support off Y102.00 around mid-morning but was weighed down by selling against yen crosses including euro-yen, with players then targeting downside stops in that cross at Y141.00. Dollar-yen then slipped below Y102.00 for Y101.86 while euro-yen tested but didn’t trigger those Y141.00 stops. A mild recovery followed with dollar-yen last at Y101.99 while euro-yen was at Y141.13. Dollar-yen bids are noted further down at Y101.85 and then at Y101.60/50. Sellers meantime are noted at Y102.45/55, with stops seen above there.
