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Bullish Price Sequence

YEN SUMMARY: Dollar-yen: Aug11 close Y109.07, Aug14 Asia range Y109.00-64,
Europe Y109.47-80
*Euro-yen: Aug11 close Y128.96, Aug14 Asia range Y128.77-129.65, Europe
*After marking time between Y109.00 and Y109.22, the opening of Tokyo markets
saw the dollar begin to push higher from near Y109.10 to Y109.34, Euro-yen
demand was said to have assisted the rally
*Improved risk appetite after comments from the US top General that said focus
was on a diplomatic solution to N Korea saw the dollar extend to Y109.64 with
added support from UST yields
*Light profit take sales emerged off the high to hold Y109.53/58 ahead of and
into Europe. After a quiet start, renewed dollar buying squeezed through the
Asia high to Y109.80 and held firm
*Offers are reported through Y109.85/00 (Y110.00 - Expiry $1.19bn)
*Euro-yen remained in consolidation mode with trade tied to a very narrow
Y129.38-64 range. Yen pairs last Y129.50/Y109.70.