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USD/JPY last seen at Y108.41,............>

KOREAN WON
KOREAN WON: USD/JPY last seen at Y108.41, marginally above neutral levels.
- Despite gaining some traction in early Asia-Pac trade on Monday, the yen
softened through the rest of the day, finishing as the worst G10 performer.
USD/JPY printed a new multi-month low, only to bounce from there and close 28
pips better off.
- The rate's recovery was driven by easing concerns over the situation in the
Middle East, as Iran has not yet materialised its retaliation threats. The
earlier risk-off tone unwound somewhat, with participants selling off gains in
crude oil futures & U.S. equity benchmarks turning positive.
- Bulls look for a jump above the 200-DMA at Y108.64. A subsequent break above
the Jan 2 high of Y108.87 would help ease the recent downward cycle. Conversely,
a fall below the 100-DMA at Y108.25 would encourage bears to focus on Y107.89,
the low of Nov 1.
- Jibun Bank services & composite PMIs released out of Japan today each showed
deterioration, provoked no market reaction.
- Japanese earnings & spending figures are due Wednesday & Friday respectively.

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