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JPY seen consolidating Thursday..........>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: JPY seen consolidating Thursday recovery, with USD/JPY contained
within a range of Y107.89-108.06. Early Asia saw fresh sales emerge, took rate
under yesterday's low of Y107.93 but demand emerged into the dip post Tokyo fix.
Release of stronger than forecast China Caixin PMI relieved some of the early
risk aversion feel and allowed for a move back above Y108.00. 
- Support remains at Y107.89/88(intraday low/50% Y106.48-109.29), a break to
open a deeper move toward Y107.69(50-dma). A break of Y108.10 to open a move
toward Y108.25/30. 
- Focus on US NFP and Mfg ISM for direction. 
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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