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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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DOLLAR-YEN: USD/JPY has consolidated Tuesday's risk-on induced gains, trading
unch. at ~Y112.25 last, as buoyant Japanese equities leant support, although the
rate has faded from highs of Y112.42 as the Nikkei 225 moves back from best
- Bulls need a break of Y112.50 to challenge the 50% retracement of October's
downtrend at Y113.09, while bears look for a move back below Y112.00 before they
target the 100-DMA at Y111.34 in search of a reversal pattern.
- The BOJ left the size of its Rinban operations covering the 1-10 Year buckets
unchanged today.
- Key domestic matters to watch during the remainder of the week include the BoJ
Rinban operations (Friday), addresses from BOJ Gov. Kuroda (Thursday & Friday) &
Dep. Gov. Amamiya (Saturday), as well as Japanese CPI (Friday).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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