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Improving Outlook Risk sentiment...>

DOLLAR-YEN TECHS: Improving Outlook
Risk sentiment was boosted overnight after the release of firmer Caixin Services
PMI & confirmation that US trade officials will head to Beijing on Monday. As US
equity futures turned positive, USDJPY extended the recovery to 108.45, before
fading. Bulls need to recover 109 to suggest a bullish reversal is in play,
targeting the Jan 2 high at 109.73, ahead of the 200-dma at 111.11. Bears
near-term focus turns to Y106.75/66 which represents hourly support Jan 3 & the
50% retracement of 104.87-108.45, below here opens the 61.8%/76.4% levels at
106.24/105.71, ahead of a return to the Jan 2 low at 104.87.

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