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Recovery efforts hold shallow in early...>

DOLLAR-YEN
DOLLAR-YEN: Recovery efforts hold shallow in early Europe with USDJPY holding
near the base of its Y113.04-66 daily range. The USD encountered fresh pressure
overnight, led by a sharp fall in the US 10y which traded below its 200-dma for
the first time this year. Expect support on approach to Y112.00, a break could
accelerate the move toward uptrend support off the Mar low & cloud base at
Y112.73/61. Bulls need to recover the 21-dma at Y113.42, before focusing on the
Y114.00 level. USDJPY last Y113.10. 

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