A mildly active session for the JPY this morning, mostly with dollar-yen reversing part of its wild overnight moves, which saw the pair drop to a Y101.76 low from Y102.38 in minutes. Dollar-yen started this morning at Y102.10 and then traded an early high of Y102.17 after recovering from last night’s selloff. But the pair again struggled to recover through Y102.20, with fresh offers then appearing on the move back down throughY102.12/10. Dollar-yen’s losses continued to a Y102.04 low after Japanese stocks opened lower and it then recovers again to Y102.14 amid talk of bids coming in at Y101.90 and smaller interest below the overnight lows. Dollar-yen’s rally then picked up pace after the aussie got slammed by the jobs numbers with dollar-yen then peaking at Y102.23. It continued to trade just off that high through the rest of the morning, and was last at Y102.19. Stops are noted today above Y102.50 and Y103.10 and below Y101.70 and Y101.30.
