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Tokyo returned from their long weekend...>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Tokyo returned from their long weekend and JPY was seen under
pressure through the Tokyo fix. Some cited leveraged funds for the demand though
others pinned interest to possible BOJ purchasing ETF's, projected Y120bn
(unconfirmed). Sunday Nov25 was also a Goto-bi day. USD/JPY had seen a low of
Y112.66 Friday on reported risk off flows, but had managed to recover to Y112.97
ahead of the close. Mentioned fix demand provided added to the recovery phase
which drove rate up to Y113.29 before momentum faded. Rate then settled between
Y113.17/27 into Europe. Asian traders suggest resistance between Y113.40/50,
highlighting decent sized option expiries on Nov28 at Y113.50-55 and Y114.00.
Support now seen into Y113.00/112.90.  
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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