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Usd/Jpy: Nov23 close Y111.21, Nov24.....>

YEN SUMMARY
YEN SUMMARY: Usd/Jpy: Nov23 close Y111.21, Nov24 Asia range Y111.20-50, Europe
Y111.34-56
*Eur-Jpy: Nov23 close Y131.80, Nov24 Asia range Y131.76-132.20, Europe
Y131.94-132.35
*Fix-related and euro-yen demand lifted the pair to Y111.44 in early Asia
*Minor pullback linked to Aud/Jpy sales (SCHCOMP lower) briefly countered,
before on-going Eur/Yen demand and the subsequent break of Y132.00 squeezed to
Y111.56
*Consolidation initially remained the theme into Europe, before minor dollar
sales started to weigh
*Rate eased to Y111.34, but with lack of follow through recovered to hold around
the Y111.40/45 area
*Eur/Jpy extended the corrective pullback off o/n highs (Y132.20) into Europe,
slippage through Y132.00 extended to Y131.94 before dip buyers cushioned falls
*Holding firm ahead of German IFO data, the strong headline release lifted to
Y132.18, second wave demand squeezed to Y132.35 before fading.

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