A subdued morning for the Japanese currency today due to the closure of Japanese markets for a national holiday. Dollar-yen started at Y117.91 today after pulling back from last Friday’s session high of Y118.37. Early interest saw the pair pinned back below Y118.00 at the start of a new week in Asia and it stayed off a Y117.95 morning high through the entire morning. Dollar-yen continued to retreat off that high and traded a low of Y117.58 before staging a minor recovery. It got back up to Y117.81 in the late morning but that appeared to be the extent of the move so far today. Dollar-yne last trades at Y117.76, a touch higher than earlier while the market remained muted. A break above last Friday’s US session high of Y118.07 is likely to trigger further gains but sellers are noted further up from Y118.60 through Y118.80. Immediate support is seen in the Y117.35 region of Friday’s session lows, and then at Y117.21. Key support remains in the Y112.08-113.86 region with a close below needed to end bullish hopes and target the Y105.19 Oct monthly low.
