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*Correct* (last traded corrected to......>

DOLLAR-YEN
DOLLAR-YEN: *Correct* (last traded corrected to 107.30)
USDJPY has stabilised after the early risk off flow to last trade 10 pips or so
softer at 107.30.
- There was talk of existing leveraged shorts covering their positions under
107.10, with a view of looking to re-sell at 107.40 (which we crossed back
above), while larger bids from Tokyo based funds are said to lie under 106.90.
- The moderation in the risk off flow was perhaps a result of the sanctions only
representing outlines as opposed to anything solid being implemented. - Support
emerging in USDJPY allowed the pair to close above the 55-DMA (107.28), the
first close above this MA since early Jan. Bulls now focus on the low from Feb 9
(108.03), although daily studies are approaching overbought levels. Bears now
look for a close below 107.15, before targeting a move to 106.69.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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