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JPY remains the outperformer among G10...>

DOLLAR-YEN
DOLLAR-YEN: JPY remains the outperformer among G10 FX, although USD/JPY trades
205 pips off of the flash crash lows (after failing to break the '18 lows), but
still 195 pips lower on the day, at Y106.95. JPY cross moves were likely
exacerbated by low liquidity window when the flash crash took place and Tokyo
being on holiday.
- Flash crash came after JPY had already benefitted from Apple cutting its Q1
guidance late in NY trade, citing the Chinese economy as a major issue behind
the revision.
- Sources highlighted some real-money demand for USD/JPY during Asia-Pac trade. 
- Bulls need to recover Y109.00 to suggest a bullish reversal is in play, while
bears focus on the 2018 lows.
- Europe's reaction to the flash crash and Apple news key.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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