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USDKRW has given back its early gains....>

KOREAN WON: USDKRW has given back its early gains but remains above the 1130
support level for now as KRWJPY has bounced off its 200-dma to keep bull's hopes
of a recovery alive. 
- 200-dma support also corresponds to down trendline support from the Jan highs,
and a break back below this level would turn the outlook bearish. 
- Based on the historical correlation between Korea-Japan real yield spreads and
KRWJPY, the pair should be trading significantly below current levels. 

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