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More on Reinvestment Phase

DOLLAR-YEN
DOLLAR-YEN: Closed Thursday's session with a firm tone, but held below Tuesday's
high of Y110.21. Demand into Friday's Tokyo fix provided the momentum to take
rate to a fresh YTD high of Y110.29 before meeting headwind resistance from
suggested exporter sales. Rate dipped to Y110.15 but ran into fresh demand that
allowed rate to recover through the balance of the session, opening Europe
around Y110.25. Rate retains a firm underlying tone but holds off a retest of
its earlier high. The 200-wma comes through at Y109.70, traders watching
tonight's close, if above seen boosting the current positive outlook.
- Support now seen between Y110.10/00 ahead of Y109.80/70. Resistance noted into
Y110.30/35, stronger into Y110.50.