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The recovery off overnight traded lows.....>

EURO-YEN
EURO-YEN: The recovery off overnight traded lows (Y131.95) squeezed to Y132.22
before fading ahead of the European open. Minor pullback encountered willing dip
buyers around the Y132.05 area to settle in narrow range trade. A break of the
Asia low opens Y131.70/52 (Hourly low, Nov9 low), more techs at Y131.40 (Nov8
low). Topside resistance at Y132.26 (50% Y133.12-131.40 & Nov9 high). Quiet on
the data front in Europe today with main focus on Bundesbank Board member
Andreas Dombret who will deliver a speech at the 63rd credit policy conference,
in Frankfurt at 1000GMT. Euro-yen last Y132.11.

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