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Early demand for Usd/Jpy in pre Tokyo....>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Early demand for Usd/Jpy in pre Tokyo trade managed to take rate to
Y109.83, traders suggested interest was an attempt to pre empt Goti-bi day
demand at the Tokyo fix, but move presented early Tokyo with better levels to
sell(softer UST yields at the open also prompted sales) and they pressed rate
back to the Y109.50 area. News that S.Korea had detected further preparation for
a missile launch by N.Korea prompted another round of risk off trade which
pressed Usd/Jpy down to Y109.21. Tentative recovery efforts were capped at
Y109.37, rate currently trading around Y109.28. Resistance seen into Y109.45/50,
break exposes Y109.75/85 ahead of Monday's high of Y109.93. Gap to Friday's NY
close of Y110.25 still there to be filled. 
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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