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JPY is bid as Iran's attack on an........>

DOLLAR-YEN
DOLLAR-YEN: JPY is bid as Iran's attack on an Iraqi military base hosting U.S.
troops has triggered flight to quality. USD/JPY has dropped 53 pips and trades
at Y107.92 at typing. Geopolitical evens have overshadowed worse than expected
Japanese earnings data, which revealed decline again.
- The 100-DMA, which intersects at Y108.26, and the psychological Y108.00
barrier already gave way. The Jan 6 multi-month low/38.2% retracement of the Aug
26 - Dec 2 rally at Y107.77/72 provides the next layer of support, followed by
the 50% retracement of that rally at Y107.10. Bulls need to reclaim the 100-DMA
before attempting a move at the 200-DMA/Tuesday's high of Y108.62/63.
- This comes after USD/JPY finished a touch higher on Tuesday as positive
surprises in U.S. trade balance, ISM non-m'fing survey & factory orders
bolstered the greenback.
- Japanese household spending data is due on Friday.

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