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Usd/Jpy: Asia open Y112.89, range.......>

YEN SUMMARY
MNI (London)
YEN SUMMARY: Usd/Jpy: Asia open Y112.89, range Y112.84-113.07. Europe open
Y112.96, range Y112.95-113.18.
* Usd/Jpy opened Asia toward upper side of Tuesday's Y112.51-113.08. Firm UST
yields had kept the yen on the defensive.
* Momentum names showed early demand pushing Usd/Jpy up from Y112.84 to Y113.01.
* Domestic corporate supply surfaced which saw rate drop back to Y112.86.
* Rate recovered, got a push up to Y113.07 on reaction to US Tax reform passage
just ahead of Europe. 
* Usd/Jpy dipped to Y112.95 at Europe open then extended recovery to Y113.18. 
* Pressure on the Jpy allowed Eur/Jpy to move through resistance at Y134.00 to a
high of Y134.16. 
* Usd/Jpy technical resistance now seen at Y113.37(Dec12 low). Support
Y112.85/80. 
* Eur/Jpy resistance Y134.38(Dec1 high), Y134.50-59(Oct25 high/1.0% envelope
10-dma)
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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