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DOLLAR-YEN: JPY has benefitted from safe haven flows surrounding the latest
round of potential U.S. tariffs on China.
- This comes after the pair tested the mid-May highs of Y111.40 on Tuesday,
before the latest round of risk off flows hit.
- Y110.80 has provided a base for USD/JPY for the time being, with bears now
needing a close below the July 06 high (Y110.78) to gain breathing room and
below the June 28 low (Y109.95) to confirm a break of the bull channel base off
2018 lows (Y110.43).