EUR/JPY deals at Y128.71, sticking to a....>

EURO-YEN: EUR/JPY deals at Y128.71, sticking to a ~20 pip range, with session

high hit in a peculiar spike higher in early Asia-Pac trade, after the rate

climbed >50 pips yesterday. 

- JPY landed at the bottom of the G10 pile Wednesday as European & U.S. equity

markets registered gains, although NY benchmark indices lost some steam into the

close, alleviating some of the pressure on the yen. 

- Meanwhile, EUR was weighed in the late London morning after Reuters cited ANSA

in saying the EU Commission has rejected Italy's budget, which proved to be

true. 

- The Nikkei 225 started on the front foot today and remains in the green,

albeit off of session highs. 

- Bulls look to a move through the Y129.00 figure as they seek to retake

yesterday's peak. Conversely, the 21-DMA at Y128.66 marks initial support and a

break below would give bears a green light to targeting yesterday's low of

Y128.12.