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Free AccessUsd/Jpy: European open Y112.08, range...>
YEN SUMMARY: Usd/Jpy: European open Y112.08, range Y111.99-Y112.26, NY open
Y112.17, range Y112.04-38.
* After breaking through Y112.30 Usd/Jpy gathered pace and extended to Y112.11,
the fall was in-line with macro sellers with added weight from BOJ Masai remarks
on downside risks to Japan's inflation outlook.
* In Europe Usd/Jpy touched pullback lows of Y111.99, support from the 50%
Y110.84-113.09 cushioned with recovery efforts extended to the Y112.15/20
area.
* Having touched post ADP release highs of Y112.21, the rate has pared
all gains to Y112.04 with added weight via soft UST yields.
* From a technical perspective the next point of support for Usd/Jpy is seen at
intra-day lows of Y111.99 and a break below this level would see Y111.74/70
(Nov30 low, 61.8% Y110.84-Y113.09) come into play.
*Eur/Jpy moved lower in early Europe with slippage extending to Y132.32.
*Despite the release of strong German Factory Orders (+0.5% m/m vs media -0.2%),
recovery efforts in the pair remained shallow.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.