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JPY was seen under pressure in early.....>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: JPY was seen under pressure in early Asian trade as markets reacted
to the positive moves in US equities which boosted the outlook for risk.
However, USD/JPY struggled on the approach toward the key resistance area
between Y108.00/10, faltering at Y107.92 before general risk on pressure was
applied against the USD. Rate was pressed to an eventual low of Y107.40, the
pressure seen through the European morning and into early NY before it bounced
back to Y107.69 into the 1600BST fix. Rate currently seen settled around
Y107.60. 
- Support now seen at Y107.40/30 ahead of Y107.00. Resistance remains on
approach to Y108.00, stronger between Y108.00/10(area has capped rate 4 times
since mid April). 
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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