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There has been little reaction in the....>

DOLLAR-YEN
DOLLAR-YEN: There has been little reaction in the JPY crosses after the BOJ
announced that it will buy some Y400bn worth of 5-10 Year JGBs in an unscheduled
operation.
- The JPY has benefitted from the broader risk aversion observed overnight, with
USD/JPY last dealing 10 pips or so softer at Y110.62, back from the low of
Y111.52.
- Wednesday's corrective setback hasn't damaged the recent bullish structure
beyond repair, just yet. 111.25 now takes on the responsibility of the key
support level, while renewed gains back above 111.86 would restore the bullish
picture. Medium term, a break above would open up a move towards July/YtD highs
(113.17). USD/JPY bears look for a close below the 50-DMA (Y110.63) to confirm
another leg lower.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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