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Another day of meandering wrapped up.....>

DOLLAR-YEN
DOLLAR-YEN: Another day of meandering wrapped up in negative territory for
USD/JPY yesterday, as Japan remains shut for Golden Week holidays. Familiar
cross-currents took centre stage yesterday, as participants assessed broader
picture developments.
- In local news, Japanese Health Minister Kato said that Gilead's remdesivir may
be approved for use in Japan on Thursday. The Ministry's special review board
meets that day and Kato pledged to grant his approval immediately after a
positive recommendation of the board.
- USD/JPY last trades -12 pips at Y106.46, even as U.S. equity index futures
have ticked higher. Bears keep an eye on Apr 29 low of Y106.36. A fall through
there would bring downside impetus, exposing Mar 17 low of Y105.81. Bulls see
Apr 30 high of Y107.50 as their initial target & key near-term resistance.
- Looking ahead, local earnings/spending figures & final Jibun Bank
Services/Composite PMIs hit on Friday.

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