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DOLLAR-YEN: USD/JPY tumbled 56 pips overnight, as the yen drew support from a
move lower in the Nikkei 225, which finished 2.0% lower, with other major
regional stock indices and U.S. equity futures also declining overnight. Rate
last trades at Y111.02.
- No immediate reaction was noted upon the upward revision of Japanese Q4 GDP,
both on a quarterly and annualised basis, while topping exp. Japanese c/a
balance and narrower than exp. trade deficit were also ignored. However, the
aforementioned data releases might have provided a degree of JPY support, on top
of the risk-off flows.
- A slip through the Y111.00 figure would allow bears to target the 21-DMA at
Y110.95, ahead of the 100-WMA at Y111.82. On the topside, initial attention is
drawn to the cloud Tenkan Sen at Y111.25. A move through that level would bring
the Y111.36, which represents the 100-DMA, into play.
- The Japanese economic docket next week is headlined by the BoJ MonPol decision
due Friday. Elsewhere, focus turns to domestic PPI, core machine orders and BoJ
5-25+ Rinban ops, all due Wednesday.