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USD/JPY sits at Y108.65, marginally......>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY sits at Y108.65, marginally below neutral levels.
- A to-and-fro in risk-off mood underpinned price action on Wednesday, with the
initial dip seen at the Tokyo open amid heightened Brexit uncertainty. London &
NY hours brought steady recovery, which resulted in the formation of a bullish,
(virtually) shaven top candlestick at the end of the day.
- Bulls initially look for a break above the Oct 17 high of Y108.94 before
attempting a move at the 200-DMA, which comes in at Y109.07. Bears would like to
see the pair recede below the Oct 15 low of Y108.16 towards the Y108.00 figure,
which coincides with the 38.2% retracement of the Oct range.
- A triad of flash Jibun Bank PMIs headlines the local data docket today. In
political news, South Korean PM Lee will meet with his Japanese counterpart Abe
at 11:00 local time (03:00 BST) for the first time since the outset of the
ongoing Japan-South Korea row.

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