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Usd/Jpy: Asia open Y108.48, range.......>

YEN SUMMARY
MNI (London)
YEN SUMMARY: Usd/Jpy: Asia open Y108.48, range Y108.05-49. Europe open Y108.07,
range Y107.57-108.07
* Usd/Jpy recovered off a post fix low of Y108.05 Thursday to Y108.70 before
rate settled back around Y108.50 into close. 
* Corrective pullback continued into Asia as rate drifted down to Y108.14,
jumped to Y108.49 before fresh selling emerged. 
* Rate retested Y108.05 and was again rejected prompting talk of large barrier
interest the figure.
* Stronger sales into Europe triggered the barrier, dipped UST 10y yield below
2.02%, took rate to Y107.63.
* Recovery effort was capped at Y107.87 before rate reversed to an extended low
of Y107.58.
* Recovery efforts from this low were capped at Y107.80 and allowed for another
ease lower to Y107.57 then settled around Y107.70. 
* Break below Y129.91 in Eur/Jpy added weight to Usd/Jpy's fall. Cross traded
own to Y129.64  
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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