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USD/JPY has pushed higher in the wake....>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY has pushed higher in the wake of UK election results which
suggest that the Conservative Party is on course to win 368 seats, enough to
give them a healthy parliamentary majority. The announcement has allowed the
pair to extend the decent gains it registered on Thursday as U.S. President
Trump signalled the proximity of reaching a phase-one trade pact with China,
which he eventually signed off on.
- The news re: U.S.-China trade agreement breathed some life into USD/JPY price
action Thursday, following a spell of largely sideways trade.
- The rate now sits at Y109.45, 14 pips better off. The key resistance from the
Dec 2 high of Y109.72 is now in focus, a break here would clear the way to the
May 30 peak at Y109.93. Bears look for a dip under the Y109.00 figure, towards
the 200-DMA at Y108.80.
- On the data front, the local focus will be on Q4 Tankan Survey and final
industrial output data for Oct.

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