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USD/JPY struggled for direction in EU....>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY struggled for direction in EU & US trade on Monday , after
its break lower in Asia-Pacific dealing. The cross last deals at Y111.17,
ticking higher in early Tuesday trade as global risk appetite benefits from the
U.S.-Mexico trade accord.
- From a technical perspective, the pair's failure to close above Y111.50 last
week has given bears some cause for cheer. Despite this, the broader trend
remains positive and a close above the aforementioned level would add to the
bullish momentum. Above Y111.50 the Aug 01 peak (Y112.15) comes into play.
Conversely, bears need a close below Y111.00 to shift the outlook back to
neutral, and below the 200-DMA (Y109.83) to return the focus to the May 29 low
(Y108.11).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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