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Although USD/JPY extended its pullback...>

DOLLAR-YEN
DOLLAR-YEN: Although USD/JPY extended its pullback to test and slightly breach
Y111.00 on Tuesday (low at Y110.99), the structure of the decline has remained
corrective. The USD recouped a chunk of its broader losses late on, which has
allowed the pair to trade back above Y111.40 in early Asia-Pacific dealing.
- The subsequent rebound sees the pair trade above the near-term down trend line
resistance at Y111.30. A break above here improves the outlook, suggesting that
a corrective bottom is in place. But, bulls still need to regain Y111.87 to
target & Y112.15 to affirm.
- Traders look to today's BoJ Rinban operations & the Japanese GDP data due
Friday as the major JP catalysts this week.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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