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USD/JPY dropped 11 pips overnight as.....>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY dropped 11 pips overnight as risk appetite soured on the
back of global trade tensions re: Chinese tech giants.& potential delays to U.S.
trade talks with Japan & the EU. The rate last sits at Y108.98, off of worst
levels at Y108.84, while both the Nikkei 225 & U.S. equity futures are trading
lower. 
- Worth highlighting BoJ Gov Kuroda spoke overnight, stressing the need to watch
the impact of unconventional policy (see MNI Main Wire at 04:05 GMT 01/17). 
- Bears look for consolidation below the Y109.00 figure before challenging
yesterday's low of Y108.37. Meanwhile, bulls need a close above Y109.00 to
regain impetus. The next layer of resistance above is located at Y109.20, which
capped yesterday's gains, ahead of the 21-DMA at Y109.42. 
- Japanese industrial output & national CPI are both due Friday.

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