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Made Show Under Y105.00, Recovery Struggles

DOLLAR-YEN
MNI (London)

Eventual break under Y105.00 saw rate touch a low of Y104.96 into the
1600BST fix before performing a mild recovery which saw rate touch
Y105.14. Support seen back in place at Y105.00 though rate retains a heavy
feel. Wednesday could see US corporates as USD buyers for month-end
value (similar seen last 3-months) but early month-end models suggest USD
sales to be seen at Friday's fixes. A break back below Y105.00/104.96
exposes a 1.618% swing projection target of Y104.78(based on recovery from
Y106.07 to Y108.16). Resistance seen at Y105.50, Y105.70.

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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