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Softer than expected Chinese PMI data....>

DOLLAR-YEN
DOLLAR-YEN: Softer than expected Chinese PMI data inspired a degree of risk
aversion, putting a modest bid into JPY. Consequently, the yen took the lead
among the G10 currencies, even with Japanese markets closed for holidays this
week. That being said, USD/JPY operated within a narrow, 18 pip range overnight.
- USD/JPY last seen at Y111.49, 16 pips lower on the day. Consolidation below
the 200-DMA at Y111.51 would suggest further downside momentum and open up the
Apr 8 low & 55-DMA, both located at Y111.28. On the topside, a return above the
200-DMA would bring the 21-DMA at Y111.71 into view.

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