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Japanese retail exiting TRY/JPY..........>

DOLLAR-YEN
MNI (London)
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.  
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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