Japanese markets re-opened today after a long weekend and JPY started around Y101.40 this morning. The pair made early attempts to break above Y101.50 and marginally traded above that before turning back down again, as sellers noted just above Y101.50 came in to cap the move higher. Japanese stocks opened higher, with some market watchers attributing part of the move to reports of plans to lower Japan’s deposit insurance premium for banks. Yen crosses tracked the move higher in Japanese stocks but dollar-yen again found difficulty around Y101.50. The pair continued to test that mark through the morning but those offers, said to be stacked also from Y101.60 and Y101.80, up to Y102.00 pinned the pair down. Dollar-yen was last at Y101.47 in the afternoon. On the downside, similar demand to recent session spotted atY101.15/10 down to Y101.00, some speculation again of semi-official accounts there, with stops expected if Y101.00 breaks.
