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Makes a show under Y106.00, the rate.....>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Makes a show under Y106.00, the rate making a brief sojourn down to
Y105.99 but continues to meet decent support around the figure. Though JPY
remains favoured some may be wary of too long an investment with the Tokyo
market returning Thursday (rate was well supported at Y106.50 in their last
trading session). The general demand for JPY has seen EUR/JPY extend its drive
lower, the break below Y115.00 providing traders with more confidence to enter
short positions. Last week though we saw a similar attraction into shorts on the
break of Y116.00 only for rate to bounce back sharply at April month end. For
USD/JPY rate seen needing a break of Y105.90 to expose next support at Y105.60.
Asian traders noted earlier decent support at Y106.00 but view Y105.00 as the
more important level(level holds decent sized option expiries for Thursday and
Friday cuts). 
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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