YEN SUMMARY: Dollar-yen opened at Y102.40, after trading in a Y102.30 to Y102.64
range. The pair firmed to Y102.44 but then fell sharply on rising risk aversion
that prompted unwinds of yen short positions. USDJPY fell below its 200-day mvg
avg, at Y102.25 to post a low of Y102.24 before stalling. The pair again rallied
to Y102.44 but soon slipped back to the Y102.30s where it remained until late
morning. About 12:15 pm ET, USDJPY plunged from Y102.30 to Y101.78 in a matter
of minutes as S/Ls tripped off below Y102.15, Y102.00 and Y101.90. There was
talk of a larger (27k contract) deal going through the JYU4 on the CME - but
such a trade could not be confirmed. Dollar-yen rebounded over Y102 in the wake
of the dip, but could not get back above Y102.20. Euro-yen slipped from Y136.68
to a low of Y136.16, the lowest level since Nov 22, 2013, before recovering into
the close. Dollar-yen held at Y102.03 and euro-yen at Y136.54 at 3:30 pm ET
range. The pair firmed to Y102.44 but then fell sharply on rising risk aversion
that prompted unwinds of yen short positions. USDJPY fell below its 200-day mvg
avg, at Y102.25 to post a low of Y102.24 before stalling. The pair again rallied
to Y102.44 but soon slipped back to the Y102.30s where it remained until late
morning. About 12:15 pm ET, USDJPY plunged from Y102.30 to Y101.78 in a matter
of minutes as S/Ls tripped off below Y102.15, Y102.00 and Y101.90. There was
talk of a larger (27k contract) deal going through the JYU4 on the CME - but
such a trade could not be confirmed. Dollar-yen rebounded over Y102 in the wake
of the dip, but could not get back above Y102.20. Euro-yen slipped from Y136.68
to a low of Y136.16, the lowest level since Nov 22, 2013, before recovering into
the close. Dollar-yen held at Y102.03 and euro-yen at Y136.54 at 3:30 pm ET