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USD/JPY closed a touch lower Wednesday...>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY closed a touch lower Wednesday as the greenback landed at
the bottom of the G10 pile. JPY was also fragile, as risk appetite picked up
amid optimistic reports surrounding Gilead's experimental drug for Covid-19. The
Fed's cautious post-MonPol rhetoric helped keep a lid on USD.
- There is ongoing chatter that Japan may extend its state of emergency beyond
the current May 6 end date, with the Nikkei reporting such a proposal could be
discussed on Friday. Local media noted that regional governors may issue an
appropriate request to the national government. 
- USD/JPY last deals -9 pips at Y106.59, the technical outlook remains bearish.
The initial focus falls on Mar 17 low of Y105.81. A fall below there would
expose the 61.8% retracement of the Mar 9 - 24 rally at Y105.21. Bulls see Apr 1
low of Y106.92, a former breakout level, as their initial target. A break here
would open up Apr 28 high of Y107.34. 
- Japanese retail sales & flash industrial output will be released later today.
Tokyo CPI & final Jibun Bank M'fing PMI are due Friday.

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