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Continued risk appetite, driven via......>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Continued risk appetite, driven via equities, eventually saw USD/JPY
break through its recent resistance between Y107.90/108.10, the area having
capped the rate 4 times since mid April. Triggered stops through Y108.20
provided the added drive to take rate on to Y108.71 at the Europe close, with
rate retaining a strong buoyant feel at writing. Next resistance seen at
Y108.85(50% Y111.71-105.99), a break to open a move on toward Y109.00/10 ahead
of Y109.28/38 then Y109.52(61.8%). Support Y108.20, Y108.00/107.90. Will be
interesting to see how Tokyo reacts to this outside hours range break.   
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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