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Earlier reports on a possible Italian budget....>

YEN
YEN: Earlier reports on a possible Italian budget delay triggered renewed
risk-off with JPY benefiting across the board. USDJPY extends its corrective
pullback off post Fed highs of Y113.14 to Y112.60. Worthy reminder of the very
large $1.86bn Y112.50 option-expiry for today's NY cut which could anchor.
EURJPY touched Y132.00 on react. before second wave sales pressured to Y131.67.
The 200-dma provides next support at Y131.06, below here changes the short-term
outlook more neutral, targeting a move toward the Y130.00 area. GBPJPY moved
through the 200-dma (Y148.26), briefly dipped under Y148.00, before basing ahead
of Y147.80. AUDJPY & NZDJPY comfortably hold below their respective 100-dma's at
Y81.94/75.17 and last trade Y81.44/74.79.   

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