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DOLLAR-YEN: USD/JPY sits at Y107.08, has already shed 41 pips in reaction to an
SCMP source story pointing to no progress on key issues in deputy-level
U.S.-China trade talks. The publication triggered broad-based risk-off flows,
allowing the yen to benefit from its safe haven status.
- The pair added 39 pips Wednesday as a stronger that expected PBoC fix and
press reports suggesting that China is open for a limited trade deal with the
U.S. supported risk appetite. The upswing was sustained in NY hours amid
recovery in DXY, owing to higher U.S. Tsy yields & a firmer S&P500.
- Bears keep an eye on the nearby support zone at Y106.96-90, which hosts the
low of Sep 24, 38.2% retracement of the Aug 26 - Sep 18 rally & the 50-DMA. A
clean dip through that region would open up Y106.48/47, which represent the Oct
3 low/50% retracement of the aforementioned move. Bull look for a break above
the 100-DMA, which kicks in at Y107.59.
- Japanese PPI and core machine orders are awaited later today, while BoJ
Governor Amamiya will speak at a conference in Tokyo.