EUR/JPY last sits at Y123.15, 49 pips......>

EURO-YEN: EUR/JPY last sits at Y123.15, 49 pips higher on the day, as the yen

registers losses across the G10 currency board, although the Nikkei 225 trades

~3.5% lower on the day as it plays catch up after the Japanese holiday. 

- Yesterday, the rate closed 88 pips lower, as it failed to fully recoup early

flash crash losses. 

- Worth noting Japan's MoF, the BoJ & FSA officials are set to meet at 1300 JST

(0400 GMT) to discuss financial markets, despite earlier denial by MoF's

Asakawa. 

- Bulls look for a break above the recovery high off Y118.71 at Y123.41 before

targeting yesterday's peak at Y123.93. Conversely, bears need a fall through the

23.6% fibo retracement of the move from Y118.71 to Y123.41 at Y122.30 before

challenging the hourly support at Y122.14.