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Bearish Trend The risk-averse......>

The risk-averse theme has seen the JPY sit comfortably at the top of G10 with
strong gains seen across the board. USD/JPY dipped under 109, touching its
lowest level in seven months. The outright trend remains bearish with the next
layer of support at 108.38 from the 61.8% retracement of 104.56-114.55, ahead of
the May 29 low at 108.11. Bulls initially need to recover the 110 level, before
targeting the 200-dma at 111.09 to stabilise the outlook.

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