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USD/JPY took a nosedive yesterday,.......>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY took a nosedive yesterday, even as global equity markets
fared well. The rate sold off amid a volume spike in USD/JPY futures, with
little in the way of headlines to trigger the move. There was some speculation
that Softbank's recent sale of T-Mobile shares might be relevant here.
- The Nikkei reported that Japan mulls easing event capacity rules.
- Yesterday's sell-off took USD/JPY through a key support from Jun 11 low of
Y106.58. With the rate last sitting -9 pips at Y106.43, bears look for a dip
below Y105.99, which limited losses on May 6 & 7. This would expose Mar 17 low
of Y105.81. Bulls need to retake Jun 16 high of Y107.64 to gain some impetus.
- Focus turns to the summary of opinions from the BoJ's most recent MonPol
meeting (today) & Tokyo CPI (Friday).

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