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Pre Tokyo demand edged rate up to........>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Pre Tokyo demand edged rate up to Y112.77 before LHS side interest
at the Tokyo fix overwhelmed any RHS Goto-bi day demand which pressed rate down
to challenge the cloud base at Y112.38. Break here triggered stops which
provided the added weight to take rate to an extended low of Y112.17. Option
linked demand placed ahead of Y112.00 provided a cushion as rate edged back
toward the cloud base. Rejection from here in early Europe sees rate break to a
fresh intraday low of Y112.08, but again rate seen meeting demand ahead of
Y112.00. Rate currently trades around Y112.13. 
* Support Y112.06/03 Jan2 low/Dec15 low, Y111.99/95 Dec6 low/61.8%
Y110.84-Y113.75. Stops likely below Y111.90.
- Resistance Y112.38(cloud base), Y112.80/90. 
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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