Usd/Jpy: European open Y112.58, range...>

YEN SUMMARY: Usd/Jpy: European open Y112.58, range Y112.41-70, NY open Y112.50,

range Y112.48-87

* Persistent supply via the crosses (Gbp-Jpy/Eur-Jpy) pressured Usd/Jpy to

Y112.49 in early Europe.

* Continued downside momentum touched Y112.41, before stalling ahead

of support from the Asia low (Y112.38).

* Minor pullback off the high (Y112.84) extended to Y112.65 after the

release of weaker-than-expected US ISM non-mfg data (57.4 vs median 59.0).

* The pair gained all of the earlier losses and more to print intra-day highs in

NY of Y112.87 before fading.

* Despite the release of well received Services PMI across Europe (Germany the

only miss), the euro continued its downward trend through the Asia low to push

Eur/Jpy to Y133.23.

* Eur/Jpy printed fresh intra-day lows Y133.05 as US Tsys yields softened on the

back of wires reporting that House Rules committee will not meet

on interim spending bill today.