Rate touched a low of Y105.60 on.........>

DOLLAR-YEN: Rate touched a low of Y105.60 on Friday Mar16, recovered to Y106.24

in early NY before rate drifted off to Y105.97. Opinion polls published over the

weekend showed Japanese public believed that PM Abe should take some

responsibility for altered documents in the Moritomo scandal which provided

early pressure on Usd/Jpy. Rate eased on to Y105.80, recovered to Y106.15 before

losses in the Nikkei weighed back. Rate squeezed down to Y105.75, performed a

minor recover to Y105.90 before it extended lows to Y105.68 (though held off a

retest of Friday lows of Y105.60). Risk aversion ahead of this week's FOMC was

cited as the main driver in Jpy strength, though the Usd was also a beneficiary

vs other currencies. Support remains between Y105.60/50, a break below to expose

the area of recent lows between Y105.35/25 with talk of stronger support/demand

in place into Y105.00. Resistance noted between Y106.15/25.