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USD/JPY last deals at Y108.80, a touch...>

DOLLAR-YEN: USD/JPY last deals at Y108.80, a touch higher on the day, with the
Nikkei 225 poised to extend yesterday's gains at the open. This occurs after the
pair closed just 3 pips higher Tuesday, with both sides of the cross finishing
the day sitting towards the top of the G10 currency table. 
- Bulls focus on moving back above the Y109.00 figure, as a close above would
suggest that a bullish reversal is in play. The next layer of resistance above
is provided by yesterday's high of Y109.09, followed by the Jan 2 high of
Y109.73. Conversely, bears look to yesterday's low of Y108.44 and a fall through
that level would open up the Jan 7 low of Y108.02. 
- Japanese trade balance (BoP basis) comes out Friday, while the usual BoJ
Rinban ops will also be of interest.

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