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Moving in Toward Y105.00

DOLLAR-YEN
MNI (London)

USD/JPY under pressure into late Europe, rate getting pressed down to Y105.04 but seen meeting some demand into the current dip. A break below the figure to expose the Oct2 low of Y104.94. Asian traders earlier mentioned that IMM accounts are short this pair and suggest they may add on a break of Y104.90. Option expiries Thursday see decent sized ones rolling off between Y105.30-104.80, Y104.80-85($1.6bln), Y105.00-10($1.6bln), Y105.20-30($3.3bln) which could act to anchor rate in this area. Resistance Y105.50/60.

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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