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Usd/Jpy: Asia open Y108.81, range.......>

YEN SUMMARY
MNI (London)
YEN SUMMARY: Usd/Jpy: Asia open Y108.81, range Y108.50-81. Europe open Y108.70,
range Y108.50-84.
* Usd/Jpy opened Asia toward lower side of Tuesday's Y108.63-109.83 range
* Weaker UST yields, dovish Fed rhetoric and softer US data, all combined to
keep the dollar on the defensive.
* USD weakness continued early Asia, Usd/Jpy dropped below Tuesday's Y108.63
base to Y108.50.
* Strong onshore demand, one mega bank a noted buyer, saw Usd/Jpy bounce back to
Y108.80 before momentum faltered. 
* Usd/Jpy eased to Y108.60, rallied to Y108.74 before it dipped to Y108.68 into
Europe.
* Rate touched Y108.65 then bounced to Y108.81 before fresh downside pressure
sent rate back to Y108.50. 
* Strong demand again met here, two megabanks noted buyers before rate bounced
sharply to Y108.84. 
* Bids Y108.50/20, YTD low Y108.13. Resistance Y108.90/109.00. 
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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