Market suspects yen intervention

Some dealers reported dollar buying over several days in the London and New York trading sessions. The Japanese currency spent most of past week hovering around the 120 level against the dollar, despite moves in other currency pairs against the greenback.

"The market has been devoid of direction in the last few days and we have been pinned to 120, which has given rise to the view that there has been covert action," said Jeremy Stretch, senior currency strategist at RBC Capital Markets in Lond