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USD/JPY last trades at Y108.11, off of...>

DOLLAR-YEN: USD/JPY last trades at Y108.11, off of the session high at Y108.45,
sitting 43 pips higher on the day, with the yen the worst performer among the
G10 currencies, having lost initial impetus as risk appetite was somewhat
revived, aided by positive news re: Sino-U.S. trade relations & stronger than
exp. Chinese economic data. 
- The Nikkei 225 started on the back foot, but pared some losses, closing over
2.0% lower in its first trading session of 2019, while U.S. index futures
recovered, trading higher at writing. News that the Japanese MoF, BoJ & FSA
off'ls met to discuss developments in financial mkts also weighed on JPY in the
2nd half of the session. The MoF employed the usual rhetoric i.e. will take
appropriate steps re: FX if needed. 
- Initial bullish focus falls on reported resistance at Y108.80 and a break
above that level would open up the 61.8% fibo retracement of the move from
Y111.41 to Y104.87/$1.03bn option expiry at Y109.00. Conversely, initial support
is located at Y107.69 representing the lower Bollinger band (2%), followed by
the 2.0% 10-DMA envelope at Y107.43. 

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