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Free Access*Sep8 Dollar-yen open Y108.48, range....>
YEN SUMMARY: *Sep8 Dollar-yen open Y108.48, range Y108.05 to Y108.49
*Dollar-yen opened in Asia toward the lower side of the Y108.05 to Y109.27 range
witnessed yesterday, where broad-based dollar weakness amid softer US rate
yields was the main theme.
*The softer close encouraged further dollar selling shortly after the Tokyo
open, the dollar dropping from around Y108.40 to Y108.14 before stalling
*Post-fix, short covering lifted the pair from Y108.25 to Y108.49
*Broad-based dollar weakness then sent the rate down to Y108.05, where option
protection ahead of the Y108.00 barrier surfaced to push the dollar back to
Y108.25.
*For the balance of the session the dollar consolidated toward the low and held
a Y108.07 to 108.24 range
*Stops are widely reported on a break of Y108.00
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.