Dollar-yen rose to ¥157.56 in the Tokyo market on the morning of the 22nd before being pushed back into the ¥157.40 range, with further gains proving difficult. Trading cues were scarce due to the market holiday, while the limited recovery in oil prices also made the dollar difficult to buy.
Dollar-yen briefly rose to ¥157.56 in the Tokyo market on the morning of the 22nd, but was subsequently pushed back into the ¥157.40 range, highlighting the pair's difficulty in moving higher. Against a backdrop of a lack of trading cues during the market holiday, market participants appeared to limit further gains.
The day's trading ranges were ¥157.29-¥157.56 for dollar-yen, ¥180.34-¥180.63 for euro-yen and 1.1462-1.1471 for euro-dollar, with major currency pairs showing only limited movement.
Oil prices have recovered slightly after weakening the previous day, but the dollar remained difficult to sell. The euro and Australian dollar, among others, weakened against the dollar, while overall buying pressure on the dollar remained limited.
The broader backdrop was a continued lack of trading cues due to the Tokyo market holiday, leaving markets susceptible to localized factors. The outlook may change depending on the emergence of additional trading cues.