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USD/JPY drifted lower for the fourth.....>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY drifted lower for the fourth straight session Wednesday, but
struggled to penetrate round figure support at Y106.00. Downside momentum kicked
in as the rate breached a key support at Y106.36 amid holiday-thinned liquidity.
USD/JPY extended losses in Europe as demand for safe haven FX & decent sales in
EUR/JPY helped the rate lower.
- Japan returns from Golden Week holidays with USD/JPY little changed at
Y106.10. A convincing breach of Y106.00 would expose Mar 17 low of Y105.81.
Bulls need to recover Apr 30 high of Y107.50 to gain some impetus.
- Japan's Econ Min Nishimura said that the country will back research into
ivermectin, a potential drug for Covid-19. Elsewhere, PM Abe noted that Tokyo
will approve remdesivir today, as flagged earlier by the Health Minister.
- Japanese earnings/spending data & final Jibun Bank Services/Composite PMIs
will be released tomorrow. 

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