Morgan Stanley have placed a limit.......>

DOLLAR-YEN: Morgan Stanley have placed a limit order to sell USDJPY at 110.00,

with a stop at 111.50 and a target of 103.00.

- MS expect "USDJPY to re-enter its downward trajectory from here; we target

entry at 110. With the USD tactical rebound nearing completion, the JPY

strengthening trend should begin to push USDJPY lower. Rising geopolitical

tensions, such as the cancellation of the US-North Korean summit, may prompt a

rise in volatility, in turn increasing the probability that Japanese investors

repatriate some of their foreign asset holdings. As well, we argue that the

limited availability of short-end JGBs due to the BoJ's asset purchase program

may have the side effect of reducing the flow of USDs from US institutions to

Japanese banks, which may pressure them to liquidate their foreign holdings."