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The SCMP source piece that stated........>

DOLLAR-YEN
DOLLAR-YEN: The SCMP source piece that stated fresh tariffs are to be delayed
with both the US & China officials preparing separate statements, underpinned
risk overnight. USDJPY cleared Y108.00 with ease, extended to Y108.13 before
fading. Key trendline resistance drawn off the Apr 24 high comes in today at
Y108.33, a break and close above would confirm a bullish reversal. Expect
further resistance located behind through Y108.70/80 from a series of previous
highs.
- A reminder of the very large Y108.00($1.09bln) expiry rolling off for today's
NY cut. US Q1 GDP (3rd read) due up at 1230GMT.
- Month/quarter/H1-end flow expected to drive with early bank models suggesting
strong dollar sales. Headlines also expected ahead of the weekend's key G20
meeting.

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