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USD/JPY has inched marginally lower......>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY has inched marginally lower and last trades -9 pips at
Y107.42. The BoJ delivers a monetary policy decision at some point today, which
will be accompanied by the Bank's Outlook Report.
- Our usual BoJ preview can be found at http://tiny.cc/BoJApr
- Over the weekend, NHK circulated reports suggesting that Japanese gov't is
considering extending the nationwide state of emergency beyond the current
deadline of May 6. Separately, Jiji cited unnamed off'ls as calling the
extension unavoidable.
- The recent "death cross" formation supports the bearish case. Downside focus
falls on Apr 15/1 lows of Y106.93/92, losses through there would be bearish and
open the 50% retracement of the Mar 9 - 24 rally at Y106.45. Bulls need a rally
above Apr 16 & 17 highs of Y108.08, followed by Apr 10 high of Y108.59.
- Looking ahead, Japan's data docket this week features unemployment (Tuesday),
retail sales & flash industrial output (Wednesday), as well as Tokyo CPI & final
Jibun Bank M'fing PMI (Friday). On Wednesday, Japan observes the Showa Day.

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