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Free AccessDecent demand for the spot into the......>
DOLLAR-YEN: Decent demand for the spot into the Tokyo fix elevated USD/JPY to
Y107.53 yesterday. The rate took out resistance from Jul 14 high of Y107.43, but
the 100-DMA capped further gains and the rate pulled back from intraday highs.
- The Nikkei reported that the Japanese gov't will lift its economic assessment
as it sees signs that the economy is bottoming out.
- Japanese CPI readings for June fell in line with expectations.
- USD/JPY last trades at Y107.25, virtually unchanged on the day. A breach of
the 100-DMA at Y107.53 is needed to expose Jul 7 high of Y107.79. Meanwhile, a
dip through Jul 15/10 lows of Y106.67/65 would allow bears to target Jun 23 low
of Y106.07.
- Focus in Japan falls on local CPI data today, ahead of Wednesday's release of
flash Jibun Bank PMIs. Japan observes holidays on Thursday and Friday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.