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USD/JPY trades +4 pips at Y109.82. The...>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY trades +4 pips at Y109.82. The rate gave away a slight bid
from early indicative trade, likely inspired by upbeat communique re: Covid-19
epidemic from the head of Wuhan Leishenshan Hospital; it has then ticked away
from lows to where it sits at typing. Friday's extremes remain intact.
- Over the weekend, Japan confirmed further Covid-19 cases aboard the cruiser
anchored off Yokohama, bringing the total no. of cases there to 355 (the largest
cluster outside of mainland China). Several countries said they will repatriate
their nationals trapped on the ship.
- The rate traded in a tight, 21 pip range Friday, as participants remained on
the sidelines to assess the coronavirus situation.
- Bulls look for a break above the Feb 12 high of Y110.13 before targeting the
Jan 17 multi-month high of Y110.29. Bears keep an eye on the Feb 13 low of
Y109.62, followed by Y109.53, the low of Feb 7.
- Coming up this week we have flash Q4 GDP & final industrial output (today),
trade balance & core machine orders (Wednesday), as well as CPI & flash Jibun
Bank PMIs (Friday).

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