Dollar-yen: European open Y109.90,......>

YEN SUMMARY: Dollar-yen: European open Y109.90, range Y109.77-110.21, NY open

Y110.14, range Y109.62-110.37

*The release of dovish ECB minutes witnessed the pair jump, following eur/usd

crashing, as the rate printed a new intra-day high of Y110.37, before slipping

back towards Y110.05.

*Broad based dollar pressure, as rumors circulate that Gary Cohn

had resigned, saw the rate drop to the intra-day low of Y109.67 before dip

buyers emerged pushing the rate towards Y109.85.

*Renewed pressure on the pair, following falling US Tsys yields, witnessed the

rate fall to a new intra-day low of Y109.62.

*In reaction to the White House statement "Cohn intends to remain in

position as NEC director" the dollar jumped towards Y110.00.

*The dollar fell from Y110.00 towards Y109.70, as US Tsys

yields slide with safe haven buying in treasuries.

*Stops have been triggered through the break of $109.60, as the rate printed a

new low of Y109.52.