A day of steady gains for the JPY this morning despite the closure of Japanese markets for the Sports Day holiday. Dollar-yen opened at Y107.55 and ran iunto early selling from US banks which quickly cleared out rumored demand around the Y107.55/50 mark. That opened dollar-yen up for a sharp move down given the thin market conditions during the Japanese holiday. The pair dropped through Y107.40 and triggered stop-loss selling there for Y107.27. The move ran into intermittent demand from Japanese names which halted the slide briefly, allowing dollar-yen back up to Y107.40. The selling then turned to yen crosses like aussie-yen and euro-yen, sparking a fresh round of dollar-yen declines. The pair continued to fall, taking out the Y107.13 Sep 17 low and eventually traded a Y107.06 low so far. The pair was last at Y107.13 with rumored strong demand around the Y107.00 mark having contained the fall so far but with associated stops noted below seen as likely to lure further sellers
