YEN SUMMARY:Asia opened Y84.38/Y112.35 ranged Y84.38-5.39/Y112.28-113.76
--sleepy Asia was woken by a surge at 0400GMT(Tokyo lunchtime) of
dollar buying from Tokyo banks which the market immediately assumed
was intervention. MOF's Noda refused to confirm any BOJ operations.
The rally tripped stops at Y84.70 and Y85.00 to a high of Y85.39
before retreating back below Y85.00. Bids remain towards Y84.35
yesterday's low Y84.26 and Y84.00, with offers in place above Y85.40
and layered up to Y86.00 with large stops above. The cross rallied
from Y112.80 up to Y113.76, before paring back to Y113.25. Europe
opened to a lower dollar, and selling from option related names saw
dollar-yen drift back to early morning levels and is now targeting the
bids under Y84.50. Euro-yen has held up moderately well on the back of
a strong German IFO and euro's return through $1.3400, but dollar
weakness continues in the absence of any follow through to the morning
move. The market is now stalling ahead of the Durable Goods and New
home sales data released this afternoon at 1230GMT and 1400GMT