The Japanese Yen (JPY) gained against most currencies except the USD which broke above 108 as US equities surged. Heavy falls in the EUR/USD and GPB/USD were too large to offset an increase in risk appetite. June Industrial Output was slightly weaker than forecast at -2% vs. market expectations of 1.7%. Overall the USDJPY traded with a low of 107.30 and a high of 108.30 before closing the day around 108.10 in the New York session. Yen – 108.10 Initial support is located at 107.30 (July 29 low) followed by 106.58 (July 25 low). Initial resistance is now at 108.31 (Jun 29 high) followed by 108.59 (Jun 16 high).