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USD/JPY has pushed higher this morning...>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY has pushed higher this morning and last changes hands at
Y106.88, 23 pips above neutral levels, with U.S. equity index futures paring
their opening losses over the last little while. Headline flow has been fairly
quiet so far.
- Apr 30 high of Y107.50 remains the initial bullish target. A penetration of
this level would clear the way to Apr 16 & 17 highs at Y108.08. Bears look for a
retreat under May 6 & 7 lows of Y105.99, which would draw attention to Mar 17
low of Y105.81.
- Japan's BoP data & Eco Watchers Survey are due Wednesday, flash machine tool
orders are due Thursday, while PPI comes out on Friday. The Summary of Opinions
from the BoJ's most recent meeting will be published today.

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