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USD/JPY meandered yesterday, wrapping....>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY meandered yesterday, wrapping up marginally shy of neutral
levels, as participants assessed matters surrounding the coronavirus crisis and
oil dynamics. This month has seen the rate fluctuate within a tightening range,
which leaves us waiting for any signals of an imminent breakout.
- The rate trades flat at Y107.76 this morning. A break above Apr 16 & 17 highs
of Y108.08 would bring the peak of Apr 6 at Y109.38 into view. Bears would be
pleased to see a drop below Apr 15/1 troughs at Y106.93/92, which would expose
the 50% retracement of the Mar 9 - 24 rally at Y106.45.
- Jiji reported that the BoJ considers loosening monetary policy. BBG carried
the headline, without providing further details so far.
- Japan's flash Jibun Bank PMIs will be released later today. Friday's national
CPI will conclude Japanese data releases for this week.

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