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DOLLAR-YEN: USD/JPY deals a handful of pips softer at Y107.75 at writing.
Thursday saw the JPY on the backfoot during Asia-Pac trade & into early European
hours, owing to increased optimism surrounding the impending Trump-Xi meeting,
allowing the rate to trade above Y108.00. The move was pared back throughout the
remainder of the day on the back of a combination of comments from the U.S.
administration & Chinese foreign ministry, in addition to various source reports
& what is becoming the daily combative tweet from the Editor in Chief of China's
Global Times, although once again, none of these reports outlined anything
particularly new. Bears initially target a move below yesterday's worst levels
to open up the 100-HMA/61.8% retracement of the move from Y106.78 to Y108.16 at
107.48/31. Meanwhile bulls look for a reclaim of Y108.00, which would allow them
to switch their focus to trend resistance drawn off the Apr 24 high, which comes
in at Y108.24 today.
- The traditional month-end data dump comprising of the labour market report,
industrial production and Tokyo CPI will hit shortly. While the BoJ will conduct
5-25+ Year Rinban operations and issue its Rinban plan for July.