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On Monday TD Securities suggested that "the.....>

YEN
YEN: On Monday TD Securities suggested that "the recent USD uptrend has nearly
matured as markets appear to move away from "divergence". This, along with a
number of medium-term factors may challenge USDJPY's beta to UST yields, but
leave the JPY conflicted on crosses (EURJPY most notably). We sit short USDJPY
as trade tensions intensify, the Trump discount returns & see a dovish reaction
in UST yields to the Fed. The technical backdrop suggests a breakout is
imminent, and view a move below 108 as bearish. 110.20 resistance is formidable;
a move above is likely to be a false breakout and should be faded."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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