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The dollar remains elevated in early.....>

DOLLAR-YEN
DOLLAR-YEN: The dollar remains elevated in early Europe and holds just off the
peak of its Y113.97-114.31 daily range. CitiTechs note the US-Japan 10 year
yield spread has already seen a breakout in favour of the USD so a higher
dollar-yen is expected. Key tech resistance remains at Y114.33/49 (61.8%
Y118.66-107.32, Jul11 high), stops are placed behind on a break of Y114.50. Also
a worthy reminder of the large option strikes through Y114.42/50 ($1.53bn) for
today's NY cut. Dollar-yen last Y114.27.  

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