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As the dollar continued defensive........>

DOLLAR-YEN
DOLLAR-YEN: As the dollar continued defensive macro names pressured to overnight
lows of Y110.01. Strong demand ahead of the reported Y110.00 barrier cushioned,
rate recovered to hold Y110.15/20 for the balance of the session. A break on the
downside is expected to trigger large stops, opening a move toward Y109.83/72
(Daily Bollinger band base, 55-wma). Dollar-yen grinds to Y110.28 at typing.

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