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The JPY crosses have stuck to tight ranges in...>

YEN
YEN: The JPY crosses have stuck to tight ranges in early dealing, as traders
await the outcome of the latest BoJ MonPol decision & subsequent press
conference from BoJ Gov. Kuroda. As a reminder the BoJ is expected to stand pat
today, with no major changes seen re: its rhetoric or economic projections.
- As ever, the JPY crosses pretty much ignored the latest round of domestic data
releases which included the Japanese labour market report & industrial
production. USDJPY last trades at 109.30, EURJPY trades at 132.25, while
AUDJPY's trades 82.50.
- USDJPY's focus remains on the WMAs & DMAs between 109.46-110.47. A close above
110.47 is needed to confirm breaks & target YtD highs. Initial support is noted
at Wednesday's hourly level (108.97) with bears needing a close below to gain
breathing.
- EURJPY's follow through above the 100-DMA (133.02) & 21-WMA (132.93) remains
lacking with focus back on 131.60-132.02 as daily studies correct from
overbought levels.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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