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Fed Powell comments Wednesday were.......>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Fed Powell comments Wednesday were perceived dovish which reversed
recent USD advances. USD/JPY dropped to Y113.44, from a high of Y114.04 in the
initial reaction, recovered to Y113.77 before it fell back to Y113.45. Rate then
recovered through the US afternoon to Y113.69. Early Asia took over the baton of
Powell react, pressured UST yields lower which provided the weight to take
USD/JPY through Y113.40. Asian equities quickly pared early gains, the move
lower added further weight to USD/JPY as it eased on to Y113.21. Partial
recovery to Y113.34 into early Europe before rate began to drift back toward its
overnight lows. Weak talk in Asia that a break of Y113.20 could place further
pressure on the rate, technical traders see a break of Y113.10 to provide this.
Resistance noted at Y113.50 ahead of Y113.70. 
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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