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Dovish FOMC (dots suggest no Fed hikes...>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Dovish FOMC (dots suggest no Fed hikes in 2019, one in 2020)
Wednesday prompted general USD sales which took USD/JPY below Y111.00, traded to
an eventual low of Y110.54 before it settled around Y110.70 into the close.
Early trade in a Asia (Japan holiday) saw rate held within Y110.60/75 before it
was pressed through Wednesday's base to a fresh post FOMC low of Y110.41.
Recovery efforts were basically capped around Wednesday's low of Y110.54 ahead
of the European open. 
- Support now seen at Y110.41-36(intraday low and Feb27 low), a break to expose
Y110.26(Feb15 low) ahead of Y110.15/00. 
- Resistance Y110.55, Y110.75/85, stronger into Y111.00.
- Nothing outstanding in today's option expiries. Friday has $2.91bn rolling off
between Y110.90-111.05, $1.75bn between Y110.40-50 and $1.98bn at Y111.75.    
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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