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Failure to push above Y109.70, with......>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Failure to push above Y109.70, with reports of decent option linked
resistance from Y109.80 through to Y110.00, saw rate reverse, the move lower
picking up momentum in NY as it traded down to Y109.18. Reported support around
the Y109.20 area (suggested to be domestic interest) proved strong enough to
contain, allowing rate to recover to Y109.37 into the close. Early Asia extended
this recovery to Y109.40 before Tokyo sold back. Talk in Asia that sell interest
seen placed ahead of Y109.50, the level holding a total of $2.75bln of option
expiries for today's NY cut, $2.39bln of USD calls. Rate eased to Y109.26 but
ran into fresh demand into the dip in Europe which have taken it back to
challenge the earlier high of Y109.40. 
- Support Y109.20-00. Resistance Y109.50, Y109.70/80, Y110.00.  
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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