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Despite closing above the Ichimoku.......>

DOLLAR-YEN
DOLLAR-YEN: Despite closing above the Ichimoku cloud yesterday for the first
time since January, Usd/Jpy extends its corrective pullback off the overnight
high (Y109.47) to Y109.28. The DXY seen adding weight to the move touching
session lows of 91.09. A break of Y109.00 can look to retest support from the
100-dma (108.94). As we approach month-end, Citi's preliminary estimate of
month-end FX hedge rebalancing flows points to JPY selling and roughly balanced
flows in other currencies.

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