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USD/JPY had a ride in the risk...........>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY had a ride in the risk rollercoaster yesterday, finishing
the day 68 pips better off despite printing a fresh multi-month low early on.
The initial downswing was provoked by Iran's missile attack on Iraqi-U.S.
military bases, saw the rate bottom out at Y107.65. However, that risk-off move
was faded amid the lack of reported casualties or any violent escalation.
USD/JPY remained bid through the rest of the day as sentiment improved, with
U.S. Pres Trump's remarks read as a signal that tensions have eased, as he
expressed preference for economic rather than military pressure on Iran.
- As a result, USD/JPY returned onto the Y109.00 handle and currently trades at
Y109.16marginally higher on the day. Bulls eye the Dec 30 high of Y109.50 as the
initial resistance & a break here would open up the Y109.68-73 zone, which
repeatedly capped gains through Dec. Bears look for a fall below the nearby
50-DMA at Y108.96 towards the Dec 4 & 9 lows of Y108.43.
- Ex-Nissan chief Ghosn held his awaited presser, but refused to name any
specific members of Japanese gov't for an alleged plot to oust him.
- Japanese household spending will be published on Friday.

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