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Risk Averse JPY outperformed.......>

DOLLAR-YEN TECHS
DOLLAR-YEN TECHS: Risk Averse
JPY outperformed through Europe/NY, buoyed by weak global equity markets & soft
EZ PMI data. The risk averse theme pressured USDJPY through the 110 level and
holds heavy. This brings the Feb 8 low into view at 109.65, below here opens
cloud base support & Jan 16 high at 109.29/20. Bulls need to recover 111.00 &
the 100-dma at 111.22 to stabilise the outlook, above here brings the 200-dma &
broken channel base support-turned-resistance into view at 111.46/60.

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