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Usd/Jpy touched early Wellington lows....>

DOLLAR-YEN
DOLLAR-YEN: Usd/Jpy touched early Wellington lows of Y104.56, before demand
ahead of Y104.50 cushioned falls. Rate continued to pare losses with an
improving Nikkei, briefly made a show above Y105.00 but with lack of follow
through triggered light profit take sales. The pair continues to flirt with Y105
into Europe which holds very large ($1.19bn) optional-expiry interest for
today's NY cut. On the topside stops are reported on a break of Y105.25, opening
Y105.29/37 (NY high Mar23/Mar23 high). Very light calendar today, last Y105.03. 

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