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US name sales emerged at the Asian.......>

MNI (London)
DOLLAR-YEN: US name sales emerged at the Asian open, extended the move away from
Friday's NY high of Y105.29, through Friday's earlier base of Y104.64, to
Y104.56. Sell interest was reportedly linked to a Nikkei poll putting PM Abe's
approval rating down at 42% from previous 56%. Recently reported demand into
Y104.50 helped to cushion the move though local traders reported that no
outstanding bids were seen on platforms. However, rate recovered to Y105.06, the
recovery helped by firmer US equity futures and Nikkei paring earlier losses,
before rate settled close to Y105.00 into Europe. Traders note that the Y105.00
level holds the strike of an expiring option for today's NY cut, $1.27bn
($1.46bn roll off Tuesday with same strike), which may act to anchor the rate.
WSJ unnamed sources reported that the US and China have entered negotiations to
allow the US better access to Chinese markets which has prompted some tentative
moves into risk positions. Progress in N.Korea/S.Korea talks also cited.
Resistance seen to Y105.10, more at Y105.20/25 with stops reported above.
Support remains into Y104.50.   
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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