A day of relatively narrow ranges for the JPY as players stay on the sidelines ahead of the US Thanksgiving Day holiday and as the month-end approaches. Dollar-yen opened at Y117.73 this morning, just off the IUS session high of Y117.85 and then drifted lower from the get-go. It slipped to an early Y117.55 low on rumored month-end dollar unwinding but saw a small recovery to Y117.69. A jump in aussie-dollar after Australian capex data put fresh pressure on the US currency, and dollar-yen retreated again, this time trading a Y117.50 low. It continued to trade just off that low through the rest of the morning and was last at Y117.58. Stops are noted below Y117.30 and Y116.30 today and topside above Y118.00 and Y118.60. Euro-yen meanwhile opened at Y147.24 this morning and slipped to an early low of Y147.04. Losses resumed after a small bounce, and the cross fell to a low of Y146.86 and last traded at Y146.98.
