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Recent Gains Considered Corrective


Trend Needle Points North Despite Recent Pullback


Trend Needle Points North Despite Recent Pullback


Late SOFR/Treasury Option Roundup

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USD/JPY sits at session lows of..........>

DOLLAR-YEN: USD/JPY sits at session lows of Y109.29, 45 pips lower on the day,
as we head towards the European/London crossover.
- Broader risk-off flows on the back of the soft Chinese Caixin manufacturing
PMI weighed on the rate, as JPY moved to the top of the G10 FX pile overnight.
- Bears will be encouraged by the move below the Jun25/Jun26 lows at Y109.37.
Consolidation below here would open Y109.00, with any breach shifting attention
to the 2.0% 10-DMA envelope & lower Bollinger band (3%). Bulls need to recover
the 200-DMA at Y111.08 to stabilise the short-term outlook.
- As a reminder, Tokyo remains closed until Friday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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