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Free AccessJapanese retail exiting TRY/JPY..........>
DOLLAR-YEN: Japanese retail exiting TRY/JPY positions cited for the risk
aversion seen in early Asia, this action in turn provided a general boost for
the JPY and pressed USD/JPY to an eventual low of Y110.38. Move further extended
the corrective pullback from Monday's high of Y111.40. Rate did manage to
recover to Y110.54 ahead of Europe but risk off has taken hold with early Europe
extending lows to Y110.35(38.2% Y108.65-111.40/Hly hi-lows May16-17) at writing.
200-dma comes in today at Y110.21. Asian traders highlighted the option expiries
at today's NY cut, Y110.00($2.01bn) and Y111.00($1.46bn) which they suggest
could help to keep the rate pinned within.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.