Following on from the the move to risk...>

DOLLAR-YEN: Following on from the the move to risk aversion, as markets reacted

to the US Administration imposing up to $60bn of tariffs on Chinese imported

goods, the removal of McMaster as the National Security Adviser for the more

hawkish John Bolton added to this outlook. Announcement of John Bolton prompted

sales of the USD, with JPY and CHF the main beneficiaries. Initial sales of

USD/JPY took rate through Y105.00, triggered stops added weight as it pressed

down to a low of Y104.64. US name buyers were noted into the dip, though were

joined by reported Trust bank buys from around Y104.70. Recovery managed to make

a show back above Y105.00, rate touched Y105.09 before it quickly sank back to

Y104.66 into Europe. Traders have reported resistance into Y105.10, adding that

Japanese exporter sell interest appears to have been lowered to Y105.50. Support

remains between Y104.66/64, though stronger demand suggested into Y104.50.