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DOLLAR: Broad-based USD demand amid improving risk appetite saw USDJPY surge
above Y113.00 yesterday. The DXY closed in NY above its 100-dma (94.66) for the
first time since December 17, with the buoyant tone spilling over into Asia.
Gains extended to briefly make a show above 95.00, before light profit take
sales emerged off the high. The 50-dma provides the next hurdle at 95.06, ahead
of 95.40 which represents the 50% retracement of 96.98-93.81. Gold continues its
downtrend to $1182.69, expect support ahead of $1180, a break opens $1173.12
(76.4% $1160.39-1214.35). While USDJPY further extends gains to fresh ytd highs
of Y113.64, maintaining outright bullish sentiment. Option-linked resistance is
noted at Y114.00, a break is likely to accelerate the move toward the Nov 6 2017
high at Y114.73. Month/Quarter end flow expected to dictate pricing action.