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ACGB Apr-27 Supply Goes Well

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YEN SUMMARY
YEN SUMMARY: *Aug17 Dollar-yen open Y110.19, range Y109.67-Y110.21
*Dollar-yen opened in Asia toward the lower side of yesterday's Y110.03 to
Y110.95 range, where a cautious sounding Fed placed the greenback on the
defensive.
*Dollar-yen came under immediate selling pressure in early trade, the rate
easing from near Y110.20 to Y109.90
*Recoveries were held to Y110.00, further supply from predominantly Japanese
accounts then pushed the dollar to $109.67 before meeting demand
*Noted buyers in the Y109.60's provided a much needed cushion, reports that
South Korea's Moon said, 'There will be no war on the Korean peninsula'
encouraged short covering leading to a push higher to Y109.94
*Option expiries today include; Y109.00($741mn), Y109.95-110.05($2.0bn) and
Y110.75-80($1.43bn).
*Immediate resistance lies at Y110.16 (38.2% Y110.95-Y109.67), while support
lies at Y109.58, which marks the 61.8% fib retracement on Y108.74-Y110.95 rise.

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