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The JPY crosses sold off on the broader risk....>

YEN
YEN: The JPY crosses sold off on the broader risk off flows surrounding the the
move in the yuan, but the JPY's upside was limited by some support levels across
the JPY crosses:
- USD/JPY high from July 11 (Y112.17); AUD/JPY 21-DMA (Y82.22); EUR/JPY July 12
low (Y130.64), followed by hourly support from July 11 (Y130.35).
- The Yen crosses were also supported by rumoured state intervention in the CNY,
which removed a degree of fear from the markets overnight.
- JPY had little reaction to the Japanese CPI release.
- Nearby resistance levels: USD/JPY intraday the overnight Asia and the 50%
retracement of the move from Y113.17 to Y112.06; AUD/JPY hourly support July 19
(Y83.38); EUR/JPY Tenkan line (Y130.95) followed by the overnight high (Y131.2)
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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