Dollar-yen held in the 159-yen range in the Tokyo market on the morning of the 11th, while gains remained capped. The report also covers the narrow moves in thin trading and the ranges for the major currencies.
Dollar-yen struggled to gain in the Tokyo market on the morning of the 11th, holding in the 159-yen range. Dollar buying led trading in overseas markets the previous day amid concerns that the conflict in the Middle East could become protracted, but the pair's limited upside was evident and it remained in the 159-yen range.
The trading ranges so far were ¥159.19 to ¥159.31 for dollar-yen, ¥183.77 to ¥183.89 for euro-yen, and $1.1542 to $1.1544 for euro-dollar.
With the psychologically important ¥160 level coming within reach, some market views also pointed to selling pressure building near the upper end. In thin trading due to the Tokyo market holiday, the pair edged lower in the 159-yen range early in the session.