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USD/JPY trading 5 pips or so softer at...>

DOLLAR-YEN: USD/JPY trading 5 pips or so softer at Y109.70.
- This comes after the pair shed ~60 pips Monday, in spite of the uptick in U.S.
equity markets and the touted USD month-end demand. The rate closed below the
Aug 21 low of Y109.78, with bears now looking to the 50% retracement/Monday low
at Y109.56 followed by the Jun25/Jun26 lows at Y110.37. Bulls need to recover
the 200-DMA at Y111.08 to stabilise the short-term outlook.
- Tokyo will be closed until Friday, which will hamper JPY liquidity.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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