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Recovery off Monday low of Y105.35 saw...>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Recovery off Monday low of Y105.35 saw rate edge back above Y106.00
where it settled within a basic Y106.15/25 range into the close. Early Asia saw
rate lift on to Y106.46 (holding just shy of tech resistance at Y106.47 - 50%
Y107.68-105.25, with offers being reported into Y106.50. Move up was seen driven
via crosses, demand for Eur/Jpy and Aud/Jpy by Japanese names cited as outlook
moved toward risk-on on a hoped for rethink of the US trade tariffs. Rate
drifted back to Y106.15 into early Europe before meeting willing buyers. Rate
currently trades around Y106.27. Traders have noted that the Y107.00 level holds
the strike of some large expiring options for this week, today $2.31bn, Thursday
$3.86bn. Mar15 sees $3.89bn rolling off between Y106.95-107.00. Friday Mar9 also
sees $5.03bn rolling off at Y104.00. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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