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The yen outperformed overnight, lifted...>

DOLLAR-YEN
DOLLAR-YEN: The yen outperformed overnight, lifted by the broader risk-off tone
evident through the session. Both the Nikkei 225 and major U.S. equity futures
operated in the red, with the Japanese benchmark equity index finishing 0.60%
lower. USD/JPY last trades at Y111.80, 9 pips worse off.
- Worth mentioning BoJ's Harada spoke overnight, but offered little new re:
MonPol. Harada warned against potential impact of the sales tax hike, planned by
the gov't for this year.
- Bears look to the nearby 100-HMA at Y111.75 and a breach of that level would
allow them to target the Dec 21 high of Y111.46. Conversely, Bulls need to
reclaim the Y112.00 figure, before challenging the upper Bollinger band
(2%)/yesterday's YTD high of Y112.11/14.
- Japanese focus turns to domestic GDP and BoP data (c/a balance & trade
balance) due Friday, as well as the usual BoJ Rinban ops.

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