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USD/JPY was limited by a sell off in.....>

DOLLAR-YEN: USD/JPY was limited by a sell off in the JPY crosses on Thursday,
amid geopolitical, trade & EM worry, with EUR/JPY breaching cloud base support.
- USD/JPY's major up trendline support at Y111.17 provides immediate resistance,
while the 55-DMA, currently at 110.73, remains the key support area on a closing
basis. A break through here is required to shift the focus firmly lower to the
200-DMA at Y109.99 and the Ichimoku cloud top at Y109.76. Bulls need to regain
Y111.87 to stabilise the near-term outlook.
- Focus now falls on Japanese GDP, due today, as well as the BoJ's latest round
of Rinban operations covering 1-5 and 10-25+ Year paper. It is also worth
keeping an eye on the U.S.-Japan trade talks. Japanese Economy Minister Motegi
has noted that the first day of talks were frank, but deepened the mutual
understanding between the 2 countries.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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