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Strong Usd/Jpy demand emerged in.........>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Strong Usd/Jpy demand emerged in Tokyo, large Japanese names were
mentioned as the stand out buyers with speculative buys from the retail
sector(Mrs Watanabe) said to have provided the main drive. Reported comments
from Japanese FinMin Aso that he doesn't see a problem with Usd/Jpy around
Y110.80, more concerned with sharp moves, also aided the extended recovery off
Monday's low of Y110.33 (early Asia low Y110.48) to Y110.98. Offers placed into
Y111.00 provided resistance before rate eased off to Y110.75. Asian traders have
reported that those that went short on the recent break below Y110.80 have left
stops above Y111.20. Expect sell interest to be placed ahead. Minor support
reported back in place around the Y110.50 level with stronger interest now seen
placed toward Y110.00.    
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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