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Usd/Jpy: Asia open Y109.36, range.......>

YEN SUMMARY
MNI (London)
YEN SUMMARY: Usd/Jpy: Asia open Y109.36, range Y109.03-40. Europe open Y109.13,
range Y109.05-23.
* Eur/Jpy: Asia open Y130.40, range Y129.99-130.77. Europe open Y130.09, range
Y130.04-31.
* Usd/Jpy opened Asia toward lower side of Friday's Y109.12-84 range, as general
Usd weakness negated by Euro-yen demand
* Pre Tokyo Eur/Jpy demand edged Usd/Jpy to an early high of Y109.40 before
sharp reversal.
* Japanese real money accounts noted sellers, which together with Euro-yen
sales, eased rate to Y109.03
* Usd/Jpy recovered to Y109.13 into Europe, the move extended on to Y109.19
before faltering.
* Rate dipped to Y109.05 but quickly bounced again, this time to Y109.23.
* Whilst Usd under pressure traders prefer to short Usd/Jpy into rallies but
demand into Y109.00 so far cushioning.
* Talk of 'stealth' demand Y108.85/50, though large stops noted below. 
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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