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DOLLAR-YEN: USD/JPY came under sell pressure as Japanese markets reopened after
a public holiday. Yen gained amid demand for safe haven assets on heightened
uncertainty re: Brexit limited risk appetite. The initial USD/JPY sell-off
countered the earlier risk on lift to Y108.51 (reacting to Trump comments on the
Turkey-Syria situation) but as equities began trading in Tokyo so USD/JPY
dropped to Y108.25. Rate recovered to Y108.42 but underlying tone kept pressure
on, countering recovery attempts. Asian traders have suggested that option
interest at Y108.00 and Y109.00 likely to keep rate hemmed in for the rest of
- Bears target the Y108.00 psychological barrier, also the 38.2% retracement of
this month's rally. Conversely, topside attention is drawn to the Oct 17
multi-month high of Y108.94, with the 200-DMA at Y109.07 providing the next
layer of resistance above.