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USD/JPY breached the Y110.00 level for...>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY breached the Y110.00 level for the first time since Mar 26
and last deals at Y109.96, 30 pips lower on the day. JPY was the best G10
performer, benefiting from its safe haven status amidst declines in regional
benchmark equity indices inspired by the escalation of Sino-U.S. trade war.
- JPY ignored the release of the minutes from BoJ Mar MonPol meeting.
- Worth noting Fitch placed Japan's short-term ratings under criteria
observation today.
- A fall below the Mar 25 low of Y109.71, located a mere pip under the lower
Bollinger band (3%), would suggest that a large double top formation is in play.
Meanwhile, a return above the lower 1.0% 10-DMA envelope at Y110.01 would allow
bulls to target the cloud base/lower Bollinger band (2%) at Y110.32/33.
- The Summary of Opinions from the latest BoJ MonPol meeting is due on Friday.

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