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Usd/Jpy: Nov22 close Y111.19, Nov23.....>

YEN SUMMARY
YEN SUMMARY: Usd/Jpy: Nov22 close Y111.19, Nov23 Asia range Y111.07-38, Europe
Y111.11-32
*Eur-Jpy: Nov22 close Y131.45, Nov23 Asia range Y131.23-82, Europe Y131.49-78
*Having closed in NY below the 100 & 200-dma's, the bearish tone continued in
Asia, led by sharp Eur/Jpy sales
*Usd/Jpy touched pullback lows of Y111.07, before support ahead of Y111.00
(Y111.05/03 - Aug4 high, 50% Y107.32-114.73) cushioned falls. Rate bounced to
the Y111.35/40 area but soon faded ahead of Europe
*As recovery efforts held shallow, fresh dollar sales weighed to Y111.11 and
looked to re-test the Asia low
*Spec accounts were the stand out Eur/Jpy sellers in Asia, slippage through the
100-dma (Y131.33) extended to Y131.23. Profit take demand cushioned, recovery
efforts triggered stops through Y131.55 before topping out at Y131.82
*Eur/Jpy drifted with the dollar to Y131.49, but was quick to pare gains with
added support from strong mfg PMI readings across Europe. Rate squeezed to
Y131.82 before meeting resistance from the Asia high.

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