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JPY cross demand amid the................>

DOLLAR-YEN
DOLLAR-YEN: JPY cross demand amid the broader-based risk tone saw USDJPY reclaim
Y111.00 overnight, gains extended to Y111.20 in early Europe before fading. The
Y111.45/50 area is expected to provide stiff resistance which holds long term
downtrend resistance off the November 2015 high. A break here is likely to
accelerate the move, opening Y111.60/61 (76.4% Y113.75-Y104.63/50%
Y118.66-104.56). USDJPY last Y111.17.
Options: Y110.40-50($1.04bn), Y110.70($440mn), Y111.55($575mn).

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