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Rate managed to stretch its recovery.....>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Rate managed to stretch its recovery to Y109.68 Monday, though held
off a challenge on recent highs at Y109.71/73. This faltering around the Y109.70
level has prompted talk of option linked resistance at Y109.80, with stronger
option interest sitting above at Y110.00, and said to be providing the main
counter to upside pressure. Rate touched a pullback low of Y109.49 earlier in
Asia but has since clawed its way back to Y109.61. A break and clear below
Y109.50 expected to expose stronger support into Y109.20. 
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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