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The USD fights back against the JPY to...>

DOLLAR-YEN
DOLLAR-YEN: The USD fights back against the JPY to pare half its European
morning losses, rate currently holds in the middle of its Y108.43-109.47 daily
range. A pick up in UST yields with added support from the DXY which remains at
elevated positions, attributed to the move. On an intraday basis, hourly
resistance is located at Y109.05, opening Y109.22/47 (76.4% of daily range, Asia
high). Longer term, a break of Y110 is required to test key resistance at
Y110.16/21 (Tenkan line, 200-dma). Support at Y108.43/20 (Intraday low,
100-dma). Also, a reminder of very large Y108.80/90 $1.18bn expiries rolling off
for today's NY cut, which could anchor. USDJPY last Y108.95.

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