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Sharp spike higher in JPY pairs,.........>

MNI (London)
DOLLAR-YEN: Sharp spike higher in JPY pairs, USD/JPY driven through reported
resistance area between Y106.10-20, which in turn squeezed out a lot of short
term spec short positions, took rate to a high of Y106.78. Asian traders have
suggested move was driven by 'trader error' on the CME. Traders note that about
4079 contracts traded in JPY followed by a further 3333 lots in next few
minutes. Rate has pared some of these gains, currently trades around Y106.25.
Recent equity market losses had market positioned on expectation that JPY would
strengthen on the back of recession fear risk aversion. A lot of these spec
positions have been squeezed out. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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