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YEN SUMMARY: Dollar-yen: European open Y108.80, range Y108.27-108.97, NY open
Y108.56, range Y108.41-109.90
*Recovery efforts continued into Europe, dollar-yen extended the slow grind to
Y108.97 with added support via the crosses.
*Touched extended pullback lows of Y108.27, dip buyers were quick to
emerge, the rate grinded to the Y108.50/55 level in early NY.
*The pair received a small lift, as US Tsys yields bounced off their lows, as
the rate grinded towards Y109.80.
*The pair got a further lift, as XAU fell from its highs and US Tsys Yields
grinded higher, witnessed the rate head towards Y108.90.
*Yen profit taking across the board saw the rate grind towards
*As the DXY index turned positive and XAU fell further, the rate
spiked to a new intra-day high Y109.54.
*Gold turned negative, triggering stops and pushing the rate to a new high of