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USD/JPY hovers around unchanged levels...>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY hovers around unchanged levels at ~Y112.60, after the JPY
experienced some modest safe haven flows on the back of China walking away from
the planned round of U.S.-China trade talks in early dealing this week.
- Japanese markets are closed today, which will effect liquidity in the JPY
crosses.
- The BOJ's latest tweak to its Rinban operations had little effect on the JPY
on Friday.
- USD/JPY's daily momentum indicators continue to provide outright bullish
signals with focus on the July 19 high (Y113.17). A break above here would
suggest the longer-term uptrend is resuming, opening the YTD high (Y113.39).
Bears need a break back below Y111.60 to shift the outlook to neutral.
- Japanese PM Abe is in the U.S. at present, meeting with U.S. President Trump,
ahead of trade talks between Japan's Motegi & U.S. TR Lighthizer on Tuesday. A
speech from BOJ Gov. Kuroda, the summary of opinions from the BOJ's latest
MonPol decision & the usual Rinban operations provide the points of interest
elsewhere this week.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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