The pair was essentially range-bound through the morning today as it was restrained from revisiting the lows traded earlier this week following the Bank of Japan’s surprise easing last week. Dollar-yen started this morning at Y113.60, just off the US session high of Y113.74 and well off Monday’s Y114.21 session high. Early moves saw dollar-yen slip to a Y113.41 low but ran into rumored demand from Japanese names believed to be scattered in the area leading to Y113.00, according to market sources. Dollar-yen recovered after that, gaining rapidly to a Y113.80 high. Reported comments from the BOJ’s executive director in charge of monetary policy Masayoshi Amamiya, published soon after the release of Sept average wages data, helped lift dollar-yen, although the move quickly stalled. Dollar-yen pulled back to Y113.47 and then rebounded again to Y113.75 in very thin trading conditions. It further extendedthe high through Y114.13 in the early afternoon. The pair was last at Y114.01. Up top, Monday’s Y114.22 high is immediate resistance with sellers then noted further up, from Y114.50.
