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The JPY has advanced, after a brief......>

DOLLAR-YEN: The JPY has advanced, after a brief pullback in early Asia-Pacific
dealing with the major JPY crosses easing a touch, USD/JPY last ~Y110.80.
- USD/JPY failed to build on gains above Y111.40 on Tuesday/Wednesday, which has
triggered a sharp bearish reversal, with a close below Y111.00 adding to bears'
convictions. USD/JPY breached major up trendline support through Y111.17, which
now risks a larger pullback into the Y110.59 area. Below here the focus would be
on the 200-DMA at Y110.00, ahead of the June lows at Y109.37. Bulls need to
regain Y111.87 to stabilise the near-term outlook and target Y112.15.
- Japanese GDP data is due Friday, while today's 30-Year JGB auction is probably
worth keeping an eye on.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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