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

YEN SUMMARY
MNI (London)
YEN SUMMARY: Usd/Jpy: Asia open Y109.36, range Y109.23-93. Europe open Y109.81,
range Y109.39-81.
* Usd/Jpy gapped lower from NY close of Y110.25, hit Y109.23 on mark down to
weekend N.Korea nuclear test.
* Arrival of Tokyo players brought much needed support and liquidity, rate edged
up from mid Y109.40's to Y109.93.
* Consolidation then became the theme, the pair held a Y109.69-84 range in the
run up to the European open.
* Early Europe held steady around Y109.80 before S.Korea reported detecting
preparation for a N.Korea missile launch(Sep9?).
* Usd/Jpy dropped to Y109.39 with recovery efforts this time capped at Y109.61.
Rate settled around Y109.50 late morning. 
* US markets closed for Labor Day. Thinner markets leave trade open to thinner,
headline driven moves.  
* Support Y109.19 (61.8% Y108.27 to Y110.67), while resistance Y109.96 (50%
Y110.69-Y109.23 decline).
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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