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Talk in Asia that overnight support......>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Talk in Asia that overnight support drawn in ahead of a short term
rising support line, drawn off the May7 which comes in around Y107.44, as rate
based at Y107.50 in opening trade before edging up to challenge reported
resistance between Y107.70/80, topping out at Y107.75. General USD demand seen
in Asia, prompted by Sino-US tensions, the bruising to risk not seeing a move
back into JPY as yet. Should rate break above Y107.80 to expose stronger
resistance area between Y108.00/10, the area having capped recovery efforts 4
times since mid April. Asian traders have suggested that a move above Y108.20
likely to boost upside momentum.  
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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