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Usd/Jpy: European open Y112.08, range...>

YEN SUMMARY
YEN SUMMARY: Usd/Jpy: European open Y112.08, range Y111.99-Y112.26, NY open
Y112.17, range Y112.04-38.
* After breaking through Y112.30 Usd/Jpy gathered pace and extended to Y112.11,
the fall was in-line with macro sellers with added weight from BOJ Masai remarks
on downside risks to Japan's inflation outlook.
* In Europe Usd/Jpy touched pullback lows of Y111.99, support from the 50%
Y110.84-113.09 cushioned with recovery efforts extended to the Y112.15/20
area.
* Having touched post ADP release highs of Y112.21, the rate has pared
all gains to Y112.04 with added weight via soft UST yields.
* From a technical perspective the next point of support for Usd/Jpy is seen at
intra-day lows of Y111.99 and a break below this level would see Y111.74/70
(Nov30 low, 61.8% Y110.84-Y113.09) come into play.
*Eur/Jpy moved lower in early Europe with slippage extending to Y132.32.
*Despite the release of strong German Factory Orders (+0.5% m/m vs media -0.2%),
recovery efforts in the pair remained shallow.

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