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Risk appetite continues at the European.........>

YEN
YEN: Risk appetite continues at the European crossover, the USDJPY break back
above Y112.00 triggered renewed demand from momentum type accounts to print near
2-month highs of Y112.27. Next resistance seen at Y112.37/43 (76.4%
Y113.17-109.78, Eq move Y109.78-111.83 on Y110.38). Yen crosses track the move
with decent gains seen across the board. GBPJPY consolidated its hold above
resistance turned support yesterday, rate extends gains to Y147.83 and looks to
200-dma resistance at Y148.36 for the next leg higher. EURJPY comfortably holds
above the 200-dma (Y131.10), touching highs of Y131.48. AUDJPY briefly trades
above Y81.00, CADJPY holds above Y86.00, while NZDJPY improves to Y74.13.
Downtrend resistance comes in today at Y75.02, a break opens the 100-dma at
Y75.27.   

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