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USDJPY remains at elevated levels but....>

DOLLAR-YEN
DOLLAR-YEN: USDJPY remains at elevated levels but has far failed to reclaim the
Y112 level ahead of US Empire mfg data at the bottom of the hour. A topside
break of the Asia/ytd highs at Y112.10/24, opens a move toward the 76.4%
retracement of the Oct - Jan fall at Y112.25. Last Y111.96.
- The Empire Manufacturing Index fell five points in March to 3.7 and revealed a
reading below 10 for the third month in a row. In April the index is expected to
rise 8.

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