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Initially supported by firmer UST........>

DOLLAR-YEN
DOLLAR-YEN: Initially supported by firmer UST yields, Usd/Jpy has largely
consolidated 111.15-32 in early Europe. The USD rally seen late in NY yesterday
spilled over into Asia, gains extended to Y111.48 before fading. Next resistance
is seen at Y111.69/88 (Jan12-11 highs). Usd/Jpy last Y111.20.

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