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USD/JPY last deals at Y110.05, 5 pips....>

DOLLAR-YEN: USD/JPY last deals at Y110.05, 5 pips worse off.
- A flight to safety inspired by the escalating Sino-U.S. trade war and
resultant underperformance of Asia-Pac equities provided a tailwind for JPY in
yesterday's Tokyo session. Safe haven demand continued to support JPY, albeit to
a lesser degree, allowing USD/JPY to show below Y110.00 several times, but USD's
recovery stood in the way of a close below the figure. Nonetheless, USD/JPY
finished 16 pips lower, with the yen atop the G10 pile.
- The downside focus remains on Y110.00 and below here would expose the lower
1.0% 10-DMA envelope at Y109.87. A further dip through the Mar 25 low of Y109.71
would suggest that a large double top formation is in play. Meanwhile, bulls
look to Y110.57, which represents the 100-DMA.
- Japanese consumer confidence index comes out later today, with focus also on
the BoJ 5-10 Rinban ops. Elsewhere, the Summary of Opinions from the latest BoJ
MonPol meeting will be released tomorrow.

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