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USD/JPY trades just above Y110.00, and...>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY trades just above Y110.00, and has stuck to a 15 pip range
thus far.
- The cross drew some early, but limited support from a modestly higher open in
the Nikkei 225, but that has now faded as the 225 moves into negative territory.
- USD/JPY risk reversals have taken a hit on the back of yesterday's trade war
headlines, with both the 1- and 3-Month 25 delta measures falling to levels not
seen since late March, perhaps indicating that markets had been underestimating
the chances of full scale trade war.
- The pair continues to operate below 110.23 (200-dma), with bears eying Y109.53
(low June 19).
- Participants await a speech from BoJ Governor Kuroda, set to be made in
European hours from the ECB's Sintra forum.
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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