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(Z2) Resumes Bear Cycle

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DOLLAR-YEN: USD/JPY inched higher yesterday, as participants assessed familiar
risk factors, with benchmark equity indices in Europe & the U.S. generally
ticking a tad higher. The Nikkei 225 futures are pointing to a higher open,
while e-minis are marginally mixed at typing.
- Little of note in comments from BoJ Gov Kuroda so far. Elsewhere, Mainichi
cited BoJ's Adachi as saying that the central bank will keep preventing interest
rates from spiking, while needs to focus on providing fiscal stimulus and
ensuring the stability of the banking system.
- USD/JPY sits at Y107.17, little changed on the day. A break above the 50-DMA
at Y107.40 would clear the way to Jun 16 peak at Y107.64, a key near-term
resistance. Bears need a fall through Jun 23 low of Y106.07 before taking aim at
Y105.99, which limited losses on May 6 & 7.
- Japan will release Tokyo CPI at the bottom of the hour. Next week, focus turns
to retail sales (Monday), unemployment and flash industrial output (Tuesday), as
well as Tankan Survey and final Jibun Bank M'fing PMI (Wednesday).

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