News of Gary Cohn's resignation moved....>

DOLLAR-YEN: News of Gary Cohn's resignation moved market to risk-off which in

turn saw Usd/Jpy drop from its opening high of Y106.13 to a low of Y105.46.

Japanese name demand was noted as rate recovered to Y105.87, suggested to be

linked to the Y105.50 option expiry for today's NY cut ($1.67bn). However,

recovery momentum quickly petered out as rate drifted back to Y105.52 into

Europe but move ran into decent demand placed ahead of the Y105.50 level. Rate

recovered to Y105.69, currently around Y105.64. Resistance noted at the earlier

recovery high of Y105.87, a break to expose the Y106.25 area. Below Y105.46

exposes area of recent lows between Y105.35/25. Apart from the Y105.50 expiry a

larger strike resides up at Y107.00 with $3.86bn rolling off at the same time.

Risk remains the key driver with market watching trade developments with the US,

White House looking at curbs on Chinese investments into the US as well as

trade.