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Usd/Jpy: European open Y112.66, range...>

YEN SUMMARY
YEN SUMMARY: Usd/Jpy: European open Y112.66, range Y112.51-75, NY open Y112.52,
range Y112.31-112.56
*As UST yields firmed into Europe, Usd/Jpy squeezed to Y112.75 but with lack of
follow through drifted to consolidate in narrow range trade.
* The pair broke below the incredibly tight morning range to print a
new low for the morning at Y112.51. Little news or weight behind the move just
ahead of the NY open.
*Continued slippage in early NY moved through the Asia low to
Y112.45.
*Pressure on the dollar across the board, as stocks continued to climb
and US Tsys Yields slipped saw the rate drop to fresh session lows of Y112.40.
*Continued weight on the dollar in very thin and subdued markets saw usd/yen
drop to fresh session lows of Y112.31. The move coincided with gold continuing
to rally.
*The dollar received a small lift as US Tsys Yields firmed in a very dull
session as the rate grinded towards Y112.55.

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