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A recovery in risk appetite weighed on...>

DOLLAR-YEN
DOLLAR-YEN: A recovery in risk appetite weighed on the yen on Tuesday, keeping
it well towards the bottom of the G10 pile. Despite inching lower initially,
USD/JPY surged ~50 pips around the Tokyo fix as U.S. President Trump disclosed
his feeling that China talks are "going to be very successful." Although major
Asia-Pac equities failed to reach positive territory, risk-on mood put a bid
into European & U.S. equities, keeping the rate at elevated levels.
- USD/JPY last trades flattish at Y109.63. Should the rate manage to take out
Tuesday's high of Y109.77, the next bullish target would be posed by Y110.04,
which represents a 38.2% fibo retracement of the May range. Conversely, bears
look to the lower 1.0% 10-DMA envelope at Y109.27, located just ahead of the
lower Bollinger band (2%).
- Japanese money stock data comes out at 0050BST/0850JST, ahead of BoJ 5-10 Year
Rinban ops. PPI figures hit on Thursday.

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