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Heavy Japanese supply(despite it being...>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Heavy Japanese supply(despite it being a Goto-bi Day) cited for the
break under Y106.00 in Asian hours, filled reported decent demand in this area
and reportedly linked to end FY Jpy repatriation. Rate dipped initially to
Y105.83 but reported demand between Y105.80/70 drew in dip buyers and allowed
rate to recover to Y106.08. Rate settled back around Y106.00 for a while before
another wave of selling hit the market, macro cited this time as Usd/Jpy
extended lows to Y105.79. Recovery ahead of Europe saw rate back at Y106.05,
extending on to Y106.07 into the new session. As mentioned bids remain
Y105.80/70, stronger into Y105.50. Asian traders mention decent demand scattered
down to Y105.00, with any break below Y105.00 to be 'nasty'. Resistance noted at
Y106.35/40 ahead of Y106.60. 
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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