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DOLLAR-YEN: USD/JPY last trades at Y110.11, ~20 pips higher on the day, after
falling 90 pips Friday, amidst a general risk-off feel.
- The pair traded flattish in Friday's Asia-Pac session before the European
morning saw risk sentiment weighed on from off by the release of German
manufacturing PMI, which printed at a fresh multi-year low. USD/JPY then slid to
a fresh monthly low of Y109.74, touched around the WMR fix, as global equity
markets posted losses. The move was also aided by the release of U.S.
manufacturing PMI, which fell to 52.5 from 53.0, vs. exp. of an increase to
53.5. In the U.S. afternoon, the pair tracked a short-lived bounce from lows in
major U.S. equity indices, and closed ~20 pips away from worst levels.
- Bulls look for a break above the 55-DMA at Y110.23, which capped the rate's
recovery on Friday's afternoon. Above here opens the 50-DMA at Y110.40.
Conversely, bears look to the aforementioned Friday's low.
- Japanese highlights this week include industrial output, labour mkt data and
Tokyo CPI, all due Friday. Elsewhere, focus will fall on the BoJ summary of
opinions, due tomorrow, and comments from BoJ's Harada, due later today.

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