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As risk appetite spills over into........>

DOLLAR-YEN
DOLLAR-YEN: As risk appetite spills over into Europe, USDJPY extends through the
21-dma & yesterday's high to Y109.46. The 1.0% envelope 10-dma & Jan2 high
provide the next layer of resistance at Y109.68/73, ahead of a run at the
Y110.00 level (Dec25 low). JPY crosses have proved supportive with modest gains
seen across the board (except GBPJPY -0.02%).  

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