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USD/JPY meandered yesterday on the.......>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY meandered yesterday on the back of cross-currents from
broader risk backdrop. Several worrying developments from over the weekend
pushed the rate lower in Asia hours, but firmer U.S. stocks helped it climb to
intraday highs ahead of the WMR fix. A late doors pullback took the rate back
into negative territory. The moves occurred amid thinner liquidity, as Japan
observed a public holiday.
- The nation is off today and tomorrow as well. USD/JPY last trades at Y106.69,
a handful of pips lower. Apr 29 low of Y106.36 provides the initial bearish
target, with Mar 17 low of Y105.81 coming up next. Bulls look for a jump above
Apr 30 high of Y107.50.
- Just to recap, PM Abe extended the nationwide state of emergency until May 31
yesterday, as touted by the local press. He noted that some regions might be
removed from the state of emergency ahead of schedule, if circumstances allow.
- Looking ahead, local earnings/spending figures & final Jibun Bank
Services/Composite PMIs hit on Friday.

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