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Dovish FOMC react saw USD/JPY fall.......>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Dovish FOMC react saw USD/JPY fall below Y111.00 to Y110.54
Wednesday, with a Tokyo thinned session in Asia, then into Europe, able to
extend the move to Y110.30. Rate recovered to Y110.66 before it settled back to
Y110.38 into NY. USD's reversal off its react lows picked up momentum in NY
trade with rate pushing up to Y110.96, though met some headwind resistance on
the approach to Y111.00. Recovery tone remains in place with market awaiting a
returning Tokyo market reaction to today's corrective rally. 
- Support remains at Y110.30, Y110.00. Resistance into Y111.00, a break and
clear to expose Y111.40/50. 
- Option expiries of note for Friday's NY cut, Y110.40-50($1.92bn),
Y110.90-111.05($3.12bn).
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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