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EURO-YEN: EUR/JPY trades at Y128.46 after closing virtually unchanged yesterday.
- The yen continues to benefit from risk off flows as poor performance of stock
indices carried over into the Asia-Pac session.
- EUR garnered some strength on Wednesday from positive Brexit news and escaped
pressure from worries over Italy & disappointing EZ growth figures, which were
seemingly priced in.
- Bulls eye the 21-DMA at Y128.64, and a break above would shift their focus to
the psychologically significant Y129.00 level. Meanwhile, yesterday's low of
Y128.13 provides the initial bearish target and a break below would open up the
hourly support at Y128.80/90.