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Earlier move in Asia through Y106.60.....>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Earlier move in Asia through Y106.60 said to have triggered stops
with the downside pressure remaining through the rest of the day, an eventual
break of Y106.00 triggering further sell interest before release of weaker than
forecast flash US PMI data allowed rate to extend move to Y105.68. Tokyo has
been out Thursday/Friday (which brings to mind the old adage about buying a
country's currency if they are on holiday) so Monday morning will be of interest
to see how the returning market reacts. Expect demand into Y105.50 ahead of
Y105.20(61.8% Y101.19-111.71). Resistance now seen into broken support at
Y106.00 ahead of Y106.50/60. 
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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