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USD/JPY has strengthened past............>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY has strengthened past Thursday's high & the Y111.00 mark,
last deals at Y111.29, 58 pips better off. The move has occurred with liquidity
thinned by a public holiday in Japan. S&P 500 e-minis have slipped from the off.
Little new in the way of notable headlines see in a while.
- Greece handed the Olympic Flame to the Japanese delegation. PM Abe insisted
that Japan intends to hold the Games in the "complete form," despite pressure to
postpone them or call them off.
- PM Abe has started a series of meetings with pundits & biz. leaders, as the
gov't is planning to come up with another stimulus package. BBG reported that
cash handouts and a rollback of the recent sales tax hike are being discussed.
- Bulls see the Feb 20 high of Y112.23 as their initial target. Bears keep an
eye on the 100-/50-DMAs at Y108.97/94.
- Coming up next week we have flash Jibun Bank PMIs & final machine tool orders
(Tuesday), the Summary of Opinions from the BoJ's most recent MonPol meeting
(Wednesday) and Tokyo CPI (Friday).

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