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USD/JPY has turned bid around the........>

DOLLAR-YEN: USD/JPY has turned bid around the Tokyo fixing after little reaction
to the softer than expected Japanese household spending data & stronger than
expected wage data. It is worth noting that the breakdown of the wages data
showed that the average wage growth in Japan surged in May on a calendar factor
and a drop in the share of lowly paid part-time workers, following a temporary
jump in March and a slowdown to below the recent trend growth in April.
- The JPY will be particularly sensitive to the ongoing trade spat between China
& the U.S., with markets awaiting China's response to the U.S.' imposition of
- Upside interest comes in at Y110.85/95 (hourly resistance), while initial
downside interest is seen at Y110.28/26 (Jul 04 low/Tenkan line, 50%
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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