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USD/JPY fell for the fifth straight......>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY fell for the fifth straight day on Tuesday as USD was
offered. The rate trades just marginally shy of neutral levels as we type, last
sitting at Y106.83. Japan observes a public holiday today.
- There is an ongoing speculation on whether Japan will be able to hold the
Tokyo 2020 (now 2021) Olympics. Head of the organizing committee said that the
event will not be delayed further and if it is impossible to hold the games in
2021, they will be cancelled.
- The rate sank below the key support at Y106.92, Apr 1 low. Further losses past
the 50% retracement of the Mar 9 - 24 rally at Y106.45 would open up Mar 17
trough at Y105.81. Bulls look for a jump above Apr 27 high of Y107.64, which
would expose a key resistance from Apr 16 & 17 highs of Y108.08.
- Looking ahead, Japan's data docket features retail sales & flash industrial
output (Thursday), as well as Tokyo CPI & final Jibun Bank M'fing PMI (Friday).

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